Love 'em or hate 'em, Wladimir Klitschko brings certainty and stability to the hw division. He is the champion and has reigned for many years; you don't have to worry about 4 different beltholders winning, losing and then regaining their belts over and over.
However, I do see some vulnerabilities in Wlad and wouldn't be surprised if he lost a fight in the next year or so. If Tyson Fury beats David Haye convincingly he could give Wlad a run for his money. Certainly he's got the size and a decent amount of skill to make things competitive
It will go into the same state as it was when Lennox retired - *****. Even more than it is already.
The belts will be shared amongst different guys and passed around like Charlie Sheen's c0ck.
Then a champion will emerge and rule again.
I don't expect anyone we see now to rule the division. The division will likely devolve into a bunch of mediocre fighters exchanging belts until the next special heavyweight comes along, whenever that is. The fights will be more competitive, but the skill and talent level will be pretty average at best.