Cameron has already admitted there's a chance that Defence spending could well drop below the 2% threshold, most recently on the Andrew Marr show if the article in the Telegraph is correct
Defence won't win votes - so Cameron will keep on cutting - Telegraph
So, that's pretty much the first half of the SDSR done - once again the actual situation on the ground so to speak will be ignored in favour of arbitrary cuts. At least we know now, unlike last time where we all initially believed the title, that the SDSR actually stands for Slashing Defence Spending Religiously.
Seems like the only thing that remains to do now is decide which capabilities are for the chop. Should be able to have that done for June and then the politicians can get on with enjoying Wimbledon fortnight in peace if we're just going to ignore the intellectually difficult bit at the start