As a Longhorn fan, I like the deal because Notre Dame has the gravitas to elevate a mediocre Big 12 schedule in the eyes of the national media if we ever see a 2008 scenario in the new Big 12.
Also, If Brian Kelly's job at Cincinnati is any indication, the Fighting Irish will matter again on the national stage three years from now. There's no reason to think that the Irish can't at least be a top 20 club backed by millions of TV sets and a wildly successful winning tradition.
For the Irish, it's an opportunity to get back into the Texas recruiting scene and capitalize on the University of Texas' resurgence as a big name opponent.
There's also a solid chance that this series is just a prelude to the schools joining forces in one of the Super-conferences. If you take things to their logical conclusion, you have to suspect two of college football's biggest brands would at least have some sort of informal discussions about a future conference relationship. One can hope anyway.
Any way you slice it, this beats the hell out of ULALA, Wyoming, or even Minnesota as non-con scheduling gimmees.