Yes, this is IT. Having now been published in the Official Journal, the Regulation will become law on 8 April 2012 and the Annexes (Part-FCL, conversion of national licences, validation of third country licences and Part-MED) will be adopted in the UK from 1 July 2012.
Notwithstanding this, all decisions taken by the Commission under the Basic Regulation are, as usual, subject to review by the Court of Justice of
the European Communities in accordance with the Treaty.
[...]However, this can be done by issuing an exemption under Article 14 of the Basic Regulation, which will not materially affect the Aircrew Regulation as published.
Are you referring to the accelerated regulatory procedure with scrutiny ? That sounds like yet another anonymous and bribed EASA Committee throwing some more sh1t at the European GA Community. Better put the MEP's on pre-alert, then. After all, with EASA being unable to distinguish safety from politics as well as communicating different things to different people, anything can happen.