Wild wild west?
I like the idea of telling my grandchildren that I was a cowboy in the days of the Wild Internet. I can see their eyes as wide as saucers as I describe how I "used common sense and installed a firewall and stopped clicking on links in emails". Oh wait, my grandchildren aren't going to be retarded and so that's not going to impress them. *sigh*.
Quite how the Brits hope to wrestle control from the Americans would be an interesting story. The Brits haven't been very assertive in dealing with the Americans in the past and I can't imagine how a sternly worded letter to the Times will convince the Americans to release this strategic asset.
And for anybody who is brown (or Muslim) having Americans or British Lords governing the internet cannot be a good thing. Why would the rest of the world support continued Anglo-American hegemony? What's in it for us?