I am sad to see him go, but at the same time I'm not, as my SN suggested :).
I'm a (FAMU/)FSU engineering alumni and Tallahassee native, and I've found myself at grad school at Georgia Tech. While I was at FSU, HPMI and those folk were steadily getting more and more publicity. Know a lot of the professors, lab assistants, and students there, and especially Dr. Wang. Very nice man. If you get a chance to meet him do so. Always thought it was cool when he would casually have lunch with Sir Harold Kroto (Who else would get to have lunch with a Nobel Laureate!?).
From what I hear, he also takes great pride in acquiring the Materials Research Building, which houses the High Performance Materials Institute (HPMI). Plus, the type of research he conducts still leaves him very much connected to the Institute through the academic channels. I still see FSU people in the materials conferences I attend. So he may be out of the building, but he's not "gone".
So in that sense, if you take into account the role in which he is currently playing at GT and with President Obama,(http://advancedmanufacturing.gatech.edu/welcome), the situation could potentially be very beneficial to FSU in the long haul.