I think it's relevant to this discussion to mention at a recent CASA seminar when discussing combing RPT and charter AOCs the presenter said something along the lines of "Canberra felt passengers deserved the same safety getting onto a 747 as 207."
Most passengers I know don't expect the same level of safety in a light aircraft, in fact they are often expecting the light aircraft to be a lot more dangerous than it actually is! The presenter stressed CASA are doing their best to help AOC holders to make the transition as easy and cheaply as possible, whether that's true or not I will be very interested to see if charter accidents decrease over 5 years.
I doubt it will be significant.