As you all probably know, following the whole Manhunt 2 thing, noted psychologist in the country Dr. Tanya Byron was knee-deep in an investigation into the effects of games and internet media on children in the UK. Her verdict? The BBFC should have a bigger role in rating games (right now, they only intervene on games flagged with violent, sexual and criminal content).
Her solution involves a new 12+ classification, as well as the BBFC handling just about all duties involving rating games. But, as anticipated, she's also endorsed the PEGI system, as well. She hopes that the PEGI ratings can go on the back of the game's box, with the BBFC classification being displayed on the front.
This is all just the tip of the iceberg, however. Her report has lots more interesting information, so for the rest, head on over to Game Politics.