I am inclined to agree, but I also think the CAA ANO concession on flying G-reg on any ICAO license is a lot more vulnerable than N-reg stuff.
This is because very very few people know about it (if everybody knew, the UK flight training business would be severely damaged because many more people would go to the USA) and I suspect very few use it.
Also converting a US PPL into a UK/JAA PPL, if you have 100hrs TT, is pretty easy.
OTOH the EASA proposals contain a rather vague bit about the local CAA having the option to accept foreign licenses, and historically, for a pure PPL, this has not been an issue. It is the IR which causes all the axe grinders to come out of the woodwork...
And 2-3 years (allowing some transition time) is a long time. None of us are getting younger and a few years' privileges can be priceless.