I actually think that at least the more informed British cycling public will feel they've been misled on this. Most people I know who actually follow cycling (as opposed to just tuning into the Olympics every 4 years and cheering on anybody in a GB top) are, if not exactly shocked, then somewhat disillusioned. There's a fair few Brits on this thread as well, and nobody is exactly making a robust defence of Wiggins. The best spin you can put on this would be that they didn't break the rules.
Britain generally has a pretty negative view on dopers, we're not typically big on second chances or rehabilitation. The likes of Christie and Chambers are persona non grata. Millar's reinvention of himself as an anti-doping crusader has been a lot more successful in the US than in the UK, where a lot of people still don't like him. Armitstead's missed doping tests attracted a lot of criticism. And although the British Media has to be careful what they print because of libel laws, there are plenty of critical articles going around at the moment. I think Wiggins is somewhat tainted now in a lot of people's eyes. I don't think Sky are irredeemably tainted yet, but they've certainly lost a lot of fans and are going to have to do a lot better than "we didn't break any rules" if they want to get people back onside. Brailsford has now said he wasn't aware of triamcinolone's use as a doping drug -
http://www.telegraph.co.uk/...y-wigginss-tue---it/. I guess that's just about plausible (I ran a search for it in the Slowtwitch knowledge base and up until the last week it only cropped up a few times and never in connection with professional dopers that I could see), but if true then in light of his new knowledge I'd expect him to make changes in how Sky treat the TUE process in future, rather than insisting that in the same situation he'd do the same thing again.
It will be interesting to see if there are more Sky TUEs revealed. Froome's TUEs look more innocuous and were already in the public domain. If it stops there it might not be too bad. If it turns out that pretty much the whole Sky TdF squad has been suffering from hayfever, allergies and asthma then I think there'd be serious repercussions - sponsors pulling out, senior management being fired, etc.
I would still draw a big distinction between the current scandal and previous doping scandals. Teams who are willing to do whatever they can get away with while at least following the rules and leaving an official paper trail, are still a lot better than teams who completely ignore the rules and just do whatever they can get away with without being caught.