Independent regulatory body to be set up by the press but they can't sit on it, legislation would only apply to the underpinning of this body and how it is answerable (presumably to prevent de-clawing over several years so we end up with another useless PCC) - not directly to the press - Leveson was specific that no direct controlling legislation to apply to the press itself. Included in the underpinning would actually be legislation to protect the freedom of the press.
If the press or elements decide not to comply then they will not be eligable to the arbitration section - this (carrott) will help prevent the sometimes huge legal bills the press can run up defending itself from libel. If you're not in the arbitration scheme then there is the (stick) threat of huge legal costs that could be un recoverable even in legal victory for a newspaper. Word from many editors is that they like the arbitration idea - big step forward.
The conclusions in a nutshell are that there should be an independent body - without any editors etc sitting on it (they can't be trusted to mark their own homework apparantly), that the body should be underpinned by legislation, that no legislation should be applied to press freedom apart from to protect it. There will be an arbitration scheme saving the press pretty impressive legal costs, or if someone decides to go it alone then they should expect massive legal bills every time they have to fend off a libel challenge.
On other topics, David Cameron and that other pratt who was the Culture Secretary are "clean" and the police are pretty much all angels, only a couple of bad apples etc. I guess he is a Judge and he doesn't want to upset his establishment too much.
I think the proposals sound reasonable. A truly independent body that can impose fines up to 1 million quid, a carrott or stick to induce press engagement and potentially settle libel cases with reduced legal costs for all, and legislation to make sure the independent body stays that way and is accountable so it hopefully remains effective. Add to that legal protection for a free press - which we all want and need.
Cameron, of course will do whatever the editors tell him. Without press support he's deader than the dead sea scrolls and Boris will be tory leader by the next election.
