I'm afraid that the view given by Peter is NOT shared by the vast majority of FAA pilots who reside in the UK, for those who hold just an FAA licence it is a time of uncertainty. Pace made some very good points about what is happening in respect to trying to find a workable solution for all of this.
There are many loose ends at the moment with regards the implementation of EASA.
From my point of view I feel uncomfortable with the doubt, even though I hold both FAA and JAR/UK licences. The aircraft I normally fly is N reg (based in the UK and UK VAT paid) but registered and insured through the US and I pay tax both in the UK and the US. I also have both UK and US addresses. Yet even with seemingly all bases covered I still feel unease.