The case may ultimately die without any ramifications to GSP and his camp, but I don't think it's a waste of time.
They definitely need to implement new rules about who applies the vaseline and who goes in the cage in between rounds. This needs to be for all fights no matter where they take place--not just in certain states/countries...
I don't care for GSP or BJ Penn, but I do care if someone does something (intentional or not) to give himself an unfair advantage. That is cheating! I don't care how you want to quibble about how much or little vaseline was there or that it wasn't intentional.
BJ Penn is the most flexible fighter I've seen to date in the cage. He's like a rubber man and he should have been able to get his legs up there at that point in the fight, but they kept slipping down. He does seem to gas fast when he's come up to 170 and GSP more than likely would have won. But, I didn't expect to see such an overwhelming one-sided fight. So I definitely think the grease affected his ability to do what he does best.
What's been shocking to me is that people for GSP (in this particular case) have just wanted to blow it all off by saying, "oh it was just a miniscule amount or it wouldn't have made any difference to the outcome, it wasn't intentional or BJ Penn always whines when he loses (which does look to be true), etc...". None of that is the point! The point is did he have an unfair advantage against his opponent due to something that was done by him or his camp (intentional or not!)!
I doubt any investigation will end up accusing GSP of cheating, but I do hope it changes things so that it eliminates or at least makes it harder for this type of thing to happen. It's to GSP's or any fighter's benefit to make sure there's no ? hanging over his/their win(s).
Winning is great! Losing sucks! But if you win by cheating, you're still a LOSER! (IMHO)