Here is an excellent summary by Murky.org of the current position on the Legislative and Regulatory Reform Bill, including an account of a disgraceful ad hominem attack by Geoff Hoon to avoid answering the questions posed by The Professors' Letter.
Hoon's performance does not surprise me. I have met him and he is an obnoxious politico with no sense of the real world.
There are also links to various blog comments on the subject of this appalling bill. It's a great place to begin if you want to understand the issues.
Murky.org: Serious question on the Totalitarianism Bill deflected