I'm very interested to see how this is going to play out. South America (with the exception of Brazil) is an almost untapped demographic for the UFC. Given how South Americans have been rabidly and almost fanatically supportive of their boxers, this could be a hugely lucrative move for the UFC.
At the same time, I wonder if they're trying to expand too much, too fast. They've only recently started wetting their feet in the Asian market, too. It could be they're going in too many directions at once. I guess time will tell.