One of the biggest scandals in Test cricket history is over.
The subtext of the verdict can be read as thus. Hair acted on a mere suspicion; he acted in haste (his fellow umpire wanted to wait); he could have avoided the crisis had he chosen the diplomatic route; and since there as the equal possibility of the ball being damaged naturally, the umpires were wrong in penalizing Pakistan. Madugalle makes it point a say it was not his case that umpires were "perverse" or had "acted in bad faith", but it is a damning judgment nevertheless.
The Pakistanis got the best decision they could have hoped for. They didn't cheat and their captain is banned for only 4 ODIs.
Younis Khan will very likely lead the team now.