[embee]

This is the tricky bit (taken directly from the link text, assuming that is representative of the forthcoming statute)
"Pedestrians currently have priority over cars only if they are already crossing a road into - or from which - a car is turning, but a new Rule H2 gives priority to pedestrians who are waiting, mandating vehicles stop to let them cross."

The problems start when pedestrians who don't know the rules (and they won't) stand at the kerb looking at the car which has stopped part way round a corner not knowing what to do. Then they walk into the road and a car coming the other way who doesn't understand the rules fails to stop. (make up your own alternative scenarios).
We all know what happens at roundabouts where someone starts to move off then stops, and this could potentially happen at any and every junction where a pedestrian stands at the kerb.
I can't imagine the details of the law will be publicised widely, they rarely are, we are expected to absorb it by some sort of divine osmosis, and unless everyone understands it and drivers expect traffic to stop for sometimes no apparent reason then there are potential issues.
Crash for cash will be easy, they just need a pedestrian to hop out in front of the cfc car which stamps on the brakes and bingo.
I would also expect the plod to do some traps, watching at suitable junctions and grabbing any car which doesn't stop for a waiting pedestrian.
I wonder if the rules will apply at all junctions regardless of category of road. Turning into a side road off a main road with NSL and traffic doing 60mph or even a dual carriageway, cars stopping on the main road will potentially be a hazard.
Stroppy teenagers will probably love this, I've watched them deliberately stop traffic already, now it will be their right to do so.

We wait to see what the actual law says I suppose.