One of the main justifications for closing the station was that the type of rescues they were performing weren't life saving operations. I would argue that is because the coastguard was able to arrive on site in a timely fashion whilst the situation was in it's infancy... a simple matter when left for any length of time can become fatal very easily!
One of the biggest concerns is the off season rescues. With fewer boaters on the water there are less people to respond to an emergency. The current plan calls for the off season rescues to be performed by the hovercraft which has a much bigger area of coverage and is grounded in heavy winds and seas... I guess they're also going to do something to ensure that rescues only happen on calm days when their one vessel is available?!
Recently the statement was made that more money was going to be put in to boat safety education to help mitigate the potential damage caused by the station closure... This strikes me as completely absurd unless they're going to teach people how to postpone having heart attacks and other medical emergencies whilst on the water.
I suppose I'm rambling... Ask me how I really feel... I dare you! :P