I've given this subject a good half an hour's thought - all it's worth really.
The first thing that came into my head was that if any site was prosecuted under this law then it would almost certainly make the headlines. It would then take many months for the prosecution to proceed and fail / win. So, no panic (unless your site happens to be the one in a million which is actually prosecuted) we will have due warning and then lots of time to implement a solution if it really does become neccessary.
Given the fact that most sites don't even do the above, chances of being selected as a target for the first (if there is one) prosecution are reduced to almost zero.
In the end this law will accept the fact that browsers should be the first port of call for anyone wanting to stop cookies being placed on their computer.
And the real rub is this, if I am forced to stop the placement of cookies as part of my site's logic then I'm more than happy to do so. But a site without cookies is a site without income as far as I am concerned and I have no intention whatsoever to provide any meaningful content for free to the masses.
Google and Bing have remained amazingly silent on the subject of Cookies in the UK, I wonder why?