Personally I fly both easyjet and BA and whilst I much prefer flying BA, (much better service, food, booze, FA's etc) sometimes for a quick weekend in Europe the Easyjet prices are too good to overlook.
If I had spent £600 on a flexible club ticket rtn to Barcelona I would expect different compensation to my £50 rtn on easyjet. Under this law I wont get it.
To me it is unfair on the passeneger in this respect.
Why do we need a law anyway, if you don't like the service fly someone else.