This is very good news (the grandfathering of the IMCr). IF the new EIR comes in, I suspect that IMCr or FAA IR holders will get credit towards it and this really means that a once IMCr *only* holder can now fly full blown IFR around the UK and *back* from Europe. The grandfathering of the IMCr allows IMCr holders to fly IAPs in Class D and below, and the EIR will allow "access to all classes of airspace" i.e. airways IFR. For the private pilot, this seems like a very good situation.
I have just renewed mine through an FAA IPC as I could see something like this on the cards, which means come 07/2012 I'll be an IMCr holder. I'd recommend that anyone thinking of doing an IMCr do so asap....