We're not in the business of unraveling network and product company melees, but we are quite curious about how a show that now has two prominent web presences will affect the Lifetime premier and season ratings.
Bravo has five years of Project Runway Google juice under its belt, which means regardless of legal arrangements it securely holds the top search spot for "project runway." The first Lifetime listing appears third, but could easily be missed by mainstream searchers. This problem is potentially exacerbated by the flood of Project Runway related searches today.
This situation is particularly interesting as it sheds light on some of the implications of building a successful brand online. Bravo, a property of NBC Universal, was been at the forefront of supporting social media connections between fans and show personalities, especially by encouraging continual blog updates from the people in front of the camera.