1. No Maritime Patrol capability. As an island nation, that's just plain stupid. As the nuclear deterrent rests on submarines that must deploy from a single base on patrol, and when that single base is in a confined channel, the deletion of this capability severely compromises the credibility of the deterrent. If Ivan truly wanted to kick off, all he has to do is deploy his submarines against the departing patrol boat to nullify any response. What are we going to do? Hastily re-arm one of the other boats and launch an attack from the surface in Faslane? When Faslane has just been nuked?
The RN believe they will do this with their SK5s, SSNs, FFs and DDs for the time being. E-3D can do some surface surveillance work and also top cover C2 for another Piper Alpha - but by no means a replacement for MRA4s original potential.
2. A decade of no offensive aircraft at sea. We'd have been better off putting a few million into HMS Belfast to at least give a gunboat diplomacy option. A lot more credible than an aircraftless carrier in five years.
How about 30+ TLAM from 1x SSN to produce the same effect as half a dozen Harriers? What we need is real Carrier Strike and F-35C gives us that. Also, if the CATOBARs are installed then we can always embark other Allies Naval FJs or even lend/lease some F-18s from the "boneyard"?