Re: @diodesign
My understanding is that defamation (a person saying something that lowers another's reputation in the eyes of a reasonable third person) through libel is actionable per se in the UK- i.e. you don't need to prove any actual damage to bring it to court (slander you do, which is why people are so keen to have internet forum rants seen as slander). Truth is a defence to a libellous comment (i.e. it gets you out of paying damages and costs), it doesn't stop the comment from being libellous and you have to go to the expense of proving in court that your comment was true. Opinion is similar.
The upshot of this is that your U-turn example would be something that a vexatious person could bring to Court under the present system. Even if it was a flimsy case, you could easily be bullied into changing your headline by an angry letter and the thought of all the legal fees. I don't think you're losing anything.
This is especially so as, having (albeit quickly) read the legislation, it doesn't seem that there is anything in there (malicious falsehood is already a tort) that you can sue for under the charter than you can't sue for already in the Courts. The Royal Charter for the press hasn't yet been finalised as parliament will doubtlessly amend it, so that's not for certain but then again, it could conceivably also contain a requirement for El Reg to keep a gibbon on the premises at all times (I would support this amendment).
The two main flashing lights of the Charter don't seem to be being addressed by anyone are:
1) Parliament isn't constitutionally supposed to be able to bind itself- the whole 2/3 majority thing can technically be overturned by a simple majority and
2) We just don't know- nor do we know what other Royal Charters the government will sign in (that's the *real* scary thing, not regulation of the printed word to a miniscule extent compared to the broadcasted word).
*Contempt of Court not only slaps down inaccurate reporting, it also slaps down anything prejudicial to the case, e.g. if someone had a history of unrelated offences, you wouldn't be able to report them before the verdict came in.