It would basically mandate subscription model for online games. Also wonder if it'd introduce legal risk for online mode in a game that also has local play, say Call of Duty or the newer Super Smash Bros, or if "ordinary use" is clearly not that.
No it would not basically mandate it. Providing server binaries for the community to run is not just an entirely reasonable thing to do, it used to be industry standard before companies learned they could maximized profits by keeping more control.