I have read this entire thread and find it quite amusing to see most people running around like headless chickens calling for an EGM, writing to business leaders and MP's, using placards and such. Surely you most know that it won't make any difference what so ever, Nominet have already decided this is going to happen and have probably already spent a lot money on it.
I think it was always inevitable that they were going to do this, quite frankly I'm surprised it's taken them this long. Dotuk is so much better and should have been used from the very start.
Of course domainers with large portfolio's who refused to sell over the years will be the biggest losers in all this as inevitably the value of .co.uk domains will drop, and the biggest winners will be the businesses and individuals with the deepest pockets as well as Nominet themselves.
Personally myself, because of this uncertainty I have just pulled out of negotiations to buy a .co.uk domain for about £100K as well as putting on hold all business decisions relating to that domain such as hiring staff, etc. The question now is, would I be able to secure the .uk domain for that price or less when it becomes available, what I do know is that I would much rather have the .uk over the .co.uk domain.