If it gets enough support, legacy-chain will die and it will continue as the same bitcoin, but with segwit.
The big problem....: If it's a tie, it will be a mess of 2 coins co-existing
That won't be for long anyway
Obviously, only one coin should prevail in the end. But personally, I don't think that it is ever going to escalate to that (i.e. hand-to-hand fighting). Basically, the BIP148 option is pretty safe unless someone (and we all know his name) goes totally nuts. But if he just goes insane on his own (BIP or no BIP), the result wouldn't be much different, so it is six of one and half a dozen of the other. One may ask why this option is safe. The reason is as simple as snow. If BIP148 doesn't obtain enough support, it will just go away without trace (as you said), and that's pretty much all. On the other hand, once it gets enough support, it will make no sense to ride against the tide (unless you want to get exposed, of course, as per Buffett)