We live in interesting (Media) times...

It's a very tough line between "press freedom" (see how some of the daft tabloids like to define "public interest") and ensuring powerful publications are held to account when they do "bad things" (it's sad their readers apparently don't boycott them - whatever they do).

There will be lots of arguing about "statutory underpinning" so that any regulator will have some teeth (e.g. currently Desmond's papers walked away from the PCC - showing how easy it is to just ignore it).

However.. today's piece by Emily Bell provides great context:

"Lord Justice Leveson more than once referred to the internet as "the elephant in the room". Leveson is in fact more like the tea hut in the elephant sanctuary by that measure. The scope of the work puts him in self-imposed isolation from what is happening in the wider world of information." 

http://m.guardian.co.uk/commentisfree/2012/nov/28/leveson-irrelevant-21st-century-journalism