If the 2 exam 'short cut' does end December 2007, you've probably waited too long to ask the question.
You will need to submit your logbooks and licenses for CAA scrutiny to get approval to write. You usually have to book about two weeks in advance to write the exams on your desired date. If you do get this done ASAP, you should be aware they only write in the first week of each month (unless it has changed recently). Therefore you may only have three weeks to submit logbooks, pay and book exam, study for exam.
The 'short cut' is for G-Reg aircraft only, and you will not be able to get any training or check authority on this license (ie TRI/TRE etc). This license is not necessarily recognized by other JAA states, so beware.
The long and short. If you can still do it (It doesn't end at the end of December), good luck, but it has limitations. Otherwise do what all the Europeans have to do. Pay, study and write 14 exams. Its a pain, its expensive, and there are unfortunately no shortcuts.
Good Luck
Muddy