My current License is not up for renewal untill 2012, and i hope i dont have to think about it till around that time hopefully.
I think the whole system is to be implemented across the EU, but like everthing the will always be ways of getting round it, like Ukranian drivers in Polish registered vehicles etc.
The next 5 to 10 years could be a bumpy ride, for the UK transport industry,(if it wasnt already), many casualties along the road, and a few old hands not able to meet technical requirements.