Reduced medical standards are a good thing, lets face it you'll probably do more damage keeling over at the wheel of a car on the M1 than in a light aircraft over mrs miggins field. The JAA class 2 is far to stringent for the private pilot (not a Wannabe)...
BUT I can only see limited use for a licence which cannot be used anywhere else. Maybe this is a plot by WWW and his 'keep flying in Britain' friends to do exactly that (joke)!
Happy Saint Georges day...
EA