While it's great that the two get along, I don't trust Ironman are in for anything else but to solidify their monopoly on long distance racing.
Bye bye 4/120/30....
Well, of course. My unstated assumption is that ITU isn't going to pay WTC because of this agreement. And I do not see any benefit to their bottomline to agree to UCI legal bikes.
Edit - Also, regarding 4/120/30 ... multifestival locations already locked in through 2019. Maybe you can say bye bye in 2020, but then are you suggesting that the WTC would host an ITU multifestival championship at an Ironman venue? Which gains WTC what?