Heat magazine's dealings with the PCC have always found them to be a quick and fair resolution of problems. I found their mediation between both parties to be really good, to be excellent in fact, and I think that side of how the PCC operates shouldn't be overlooked.
I agree with a lot of the points that Rosie made in that I think ex-editors would obviously be a useful resource to be on the new form of the PCC. I do think that if we're working towards a common standard, then every publisher should be involved. There shouldn't be the ability for a publisher to opt out, and I think there's been some discussion in there being some sort of branding or kite mark that publications can hold to say that they're proud that they are part of the PCC, and I think that's a good idea, particularly with digital sites as well.