Are you saying that a patent licensor can continue to distribute a GPLed work
implementing that patent even when the licence is not passed on? That
doesn't seem to in concordance with the GPL.. Though I can't tell if you're
claiming that, or if you're just talking about the rights of the downstreams.
Where you seemed to be saying that non-licensees were unaffected (other
than risk from patent holder) and able to distribute just fine, I agree with you.