Or is there a whole load of extra ureaucracy/paperwork introduced with Part-MED that makes it a lot more work?
Spot on!
And how will the above affect the price of Class 2 medicals?
I'm pretty sure it won't become any cheaper.
On the other hand, an under-40 will only have to pay once every 5 years, an over-40 only every other year so it might actually become a tad cheaper, in the long run.
Ciao,
DG800