EASA plans to publish the NPA on all EU licences on their website - including the Leisure Pilot's Licence (based on several EU NPPLs) and ICAO complaint PPLs, for each of the four main disciplines of aeroplanes, helicopters, balloons and gliders - in the first week of June. There is a briefing meeting in Cologne on 10-11 June, which is fully booked. Another session is planned for August.
The NPA consultation response period will last three months, following which EASA compiles the CRD (Comment Response Document), which is subject to a further round of public consultation. At the end of this EASA sends its Opinion on the final proposed rules to the European Commission. If all goes to plan then the rules should come into effect sometime in first half of 2009. Unless of course there are significant issues raised by member states through the Commission working group that reviews the Opinion, and this results in delays.
Once the rules are adopted by the Commission (note, the Parliament and Council of Ministers working group are not involved in this stage of the process, having already passed the Basic Regulation with the Essential Requirements for licences) then the National Aviation Authorities have to determine the grandfathering rules for existing national and JAA licences to be converted to EU licences. No doubt those NAAs with foresight will start planning the terms of conversion ahead of the Commission finalisation.
The revised Basic Regulation (216/2008) stipulates that all member states must comply (with the issue of new licences) by 8 April 2012. If the UK CAA is on the ball then I would guess that providing the Commission passes the rules before mid 2009 one can expect new licences from late 2009 / early 2010. Just my guess though.