His decision to not contest the USADA's case means that he has been or will shortly be found guilty of doping his way to victory, which is just sad. It was not a "witch hunt" because witches didn't exist and doping cyclists do. It may be an unfair process, as Judge Sparks put it "the deficiency of USADA's charging document is of serious constitutional concern." He, however, did not quash the process. Does the USADA have the power to strip Armstrong of his titles and ban him from racing? Not really. They need to prove to the UCI that they have the goods on Armstrong.
So what does it all mean? That some of the finest moments in international sport are now official tainted and that quite possibly the erstwhile greatest tour champion, Eddy is the greatest cyclist of all time, will lose all of his titles.
It is, all in all -- given that George Hincapie is rumored to be implicated in the doping, a very sad day for sport.