BillieBob,
You can fly a UK registered aeroplane (day/VFR) on a FAA PPL without applying for a reciprocal licence
Yes, that's true. Only in the UK, though - you can't take a British aircraft into France for the day without getting a JAR license first. And the daytime only restriction may be an issue for anyone wanting to get their night qualification prior to starting the CPL.
Apart from that, though, I agree with your post - especially the last paragraph, which is exactly what I said a few posts ago, but probably put more clearly.
FFF
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