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I'm pretty sure some tech savvy kids will find ways to get around it, and I'm also pretty sure ISPs are not going to be overly zealous trying to enforce this ruling. But overall that's a good news and a step in the right direction, as it will make the general public in the UK much more cautious about illegal file sharing.
Europe is moving in the right direction, with France passing similar regulations, Sweden outlawing TPB and the Netherlands and Denmark ordering their ISPs to stop passing TPB traffic. EU is obviously not a place to play games with the copyright laws anymore.
Now if only the damnable DMCA was amended in favor of copyright holders, life will be good again.
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