Glass Half Empty Glass Half Full
I guess there is an upside to this although sadly it looks like this is only for dual rated pilots.
My take is that there will be a major purge on anything N registered flying in the EU after April 2014, especially if the radio operator sounds like they could well be domiciled within the EU.
I personally know a number of BizJet owner/operators who fly non commercially throughout Europe.
They are in their twilight years and going back to school simply wouldnt be an option.
My take again will be they will either ignore the regulation until such a time as they are forced to account for themselves, and then probably employ the services of a dual rated pilot to sit in the left seat.