Will Google Suggest Affect Your Keyword Referrer Reports?
"I think the biggest change will be losing long tail keywords," Kanellis says. "Where you would usually see 4-5 keyword phrases, searchers may opt to try the short tail version Google Suggests. Even if the user stays with a long tail query it more than likely will be one from Google Suggests and not and original one from the end searcher."
However, if you're already ranking for one of the Google Suggest phrases, you can likely expect far more traffic.