Sure, this update will affect Snapchat, but it won’t be the end of it.
My Two Cents on Instagram Stories and the Evolution of Social Platform
Gary Vaynerchuk

Meerkat. Where is it? Snapchat has a meerkat feel.

Also that Instagram allows account switching and snapchat doesn’t. Big deal for anyone who has to be several people, brands, etc.

Snapchat will stick around but it needed to go mainstream a year ago with a more adult UI/UX. My .02 (which are more tarnished but they spend the same on the Internet) is snapchat will become meerkat, yahoo, AOL.