Not exactly. In some cases in my market, stations have gone away completely, or high definition channels have become 480p subchannels of another station. This happened with our second PBS station becoming a subchannel, and an accompianing consolidation and removal of other subchannels from that pair. In all, we lost 3 subchannels, and replaced one HD channel with a SD one. In a second instance, a low power independent went off the air and some, but not all of the subchannels were picked up by other stations.Yes, you are correct and many channel shares have already started, rescanning your receivers is key. If a channel goes away, just rescan it and hope the new signal is as good or better than before.
This is just the first round, and there will be others in the upcoming months.