Sorry if this quote has been posted before, but I just noticed the official line from the newly issued LASORS 2010:
Potential effect of European legislation on military pilots applying for civil licences.
The draft European legislation (as published in April 2010) makes provision for EASA licences to be granted on the basis of military training and experience, provided that the requirements are approved by the European Aviation Safety Agency. As of Summer 2010 the final legislation is still awaited. It is envisaged that to obtain the approval of the requirements for military pilots it will be necessary to present to EASA a documented comparison between the current UK military flying training system and EASA-FCL, including where additional training is required for a military pilot to achieve the EASA-FCL standard. There can be no guarantee that the resulting agreed requirements will be the same as those currently applied by the CAA (as set out in LASORS) or that the current periods allowed for the validity of theoretical knowledge and/or skills tests will remain. Therefore, military pilots should not rely upon the existing QSP arrangements being available after March 2012.
In other words, it's exactly as Alex said at the start of this thread.