Just as you can continue to play both SC original and SC Brood War right now, all 3 multiplayers will be fully playable on bnet.
Just you won't be able to play a Terran MP vs. a Zerg MP, for example. A la Wings of Liberty (or w.e) won't be compatible with Heart of the Swarm, because there will be different unit listings in each game.
Thus, buying only one game will allow you to play multiplayer, but not necesarily against that of your friend if you each have only one game, and they're of different sets.
I hope one MP is vastly better than the other two so the community doesn't fragment too much.
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