I think overall, things won't change much with the mayor being one vote on council, but definitely the city's reputation could change depending on who gets elected.
Right now it seems like a race between Farkas, who will get the vote of every right wing type, and Gondek, who should get lots from the left leaning side. There have been rumors of Jeff Davison running. He hasn't said he's running, but the rumors keep popping up. If he were to run, things would get very interesting, as he's kind of more in the middle.