I personally don't think, even if the event of there extinction caused the extinction of other animals, us humans would be particularly effected. Indeed, I have theorised, basing on animals and plants we actually NEED (as apposed to justwannakeepalive), that killing ALL insects would be survivable. Think, what do we need: Farm animals, most of which eat grass, water, which remains independant of other animals, fruit, for which we have seeds.
See, no problem. And, of the moral issue, I present to you the rabbit. Those pests feel absolutely no remorse whilst driving bilbies out of their homes. If i've neglected a fact that would make all this wrong, please do inform me.