I must say I'm finding the debate between FL and FNG most interesting.
I suppose I'm one of the 'educated lay persons' to which FNG refers, since I'm not a lawyer, though I am taking an OU Law degree out of interest.
I haven't, though, studied this part of the ANO in detail, and had missed the subtlety of 'valuable consideration' as opposed to 'payment'. The meaning of the former phrase, though, does not seem obscure. I believe the possible confusion in this respect, possibly added to by language used in the publication from the CAA which has been cited, should be clarified by the CAA as soon as possible.
As far as I know, all private pilots are attempting to stay within the law: it ought to be straightforward for them to assure themselves that they are doing so. In the meantime, it is good to have fora such as Pprune where issues can be aired and debated.