If you want to see what's coming, go to
Rulemaking | Notices of Proposed Amendment (NPAs)
and download NPA 2009/02 - all seven files of it. Basically, OPS O, 1, 2, 3 and 4 are all rolled into one, and a new definition of "commercial" is applied i.e. "Any operation of an aircraft, in return for remuneration or other valuable consideration, which is available to the public or, when not made available to the public, which is performed under a contract between an operator and a customer, where the latter has no control over the operator."
Take money from someone to manage thair plane? You're commercial - welcome to the wonderful wacky world that is OPS. Fly your own jet? You're a "non-commercial operator of a complex aircraft". You aren't going to need an AOC, but you will need an Ops Manual and most of all an FTL scheme.. UK FODCOM 2009/04
http://www.caa.co.uk/docs/33/FOD200904.pdf
gives a link to some Powerpoint presentations that were used at a recent workshop on the subject (four of 'em, at the bottom of the page).
Basically, the new structure starts with general rules that will apply to anyone, whatever they fly - aeroplane, chopper, balloon or glider. It then adds stones of different weight to the necks of commercial air transport, other commercial, and non-commercial ops, depending on what is being flown, and for what purpose. There's also a separate bit that applies to all, that concerns special approvals - P-RNAV, RVSM, DG and the like. Throughout, the letters A and H appended to a reg or rule indicate that they only apply to aeroplanes or helicopters as appropriate. All others apply to everyone in that section.
It's a huge tome, and really you need to wade through all the background notes too - but from what I've seen, I rather like it.