As a local, it wouldn't bug me at all if it were just resort guests. I've ridden Soarin and TSM a bodrillion times and I can ride them again, with no wait, any morning or night I want to go there. In the slower months, the waits don't even require me doing it first thing in the morning or last thing at night. And I can do this any day of the year, year after year. Like I said, I've done it enough that I'm no more eager to ride Soarin than I am Maelstrom. I actually like Maelstrom better.
As long as the cat gets fed twice a day, I can go to WDW all I want. Disney's FP policy makes no difference to me, really.
The people who will get screwed are people who travel to WDW, but don't stay in WDW hotels. There is also the risk that once people start telling their friends how the lines were so long because only people from WDW hotels can stand in the short ones that the friends who hear it decide not to go. Some will get pushed into WDW hotels, some will get pushed out.
And if they set this up so that resort guests have to keep ride appointments, it's going to backfire. People will miss them and be disgruntled. Even people who are commandos, happily willing to sacrifice spontaneity for pleasure, will end up not making it to something and end up bummed.