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Personally, speaking as a 2010 LPC graduate, I don't see that this SQE would ultimately make much of a difference on the ground. A bad lawyer is a bad lawyer whether he or she has a 1st from Oxford or spent 10 years toiling their way up from the post-room; bad lawyers will not suddenly be able to hide in plain sight because they passed the SQE, they'll be employed on the same basis as lawyers are now and when they make a complete hash of things on the job they'll find themselves with the same reputation and lack of work they do now. Equally, the costs of setting up and practicing alone are hardly likely to become affordable in the near future, so I don't see that we'll be stuck with a sudden lorry load of incompetent SP's either.