A few days ago prdelka post a blog post entitled "This isnt the post your looking for", you should read it, preferably before reading ny more of this post. He also deleted all his other blog postings, and removed all the papers and exploits, etc, which he had written from his server.
For a while security people have been saying that such legislation would be a bad idea because they, as well as anyone possibly malicious, could be prosecuted, but the law understands mitigating factors, and I doubt such a thing would happen.
What I am more interested in, is how many of the hobbyists which do a considerable part of the research into computer security will be affected. Will they, like prdelka, decide to take the cautious route, and remove all their writings, etc, from public view. Will they be driven more or less underground, where information is only shared among close friends, until it spreads to the hands of criminals, without surfacing to help IT security people. Or will they decide to ignore the laws will continue - only time will tell obviously, but does everyone think?
And if you're in Britain, how will this affect you?