I'm not sure how this will develop, but the implications are indeed sizable and very heartening. From Shrine reader the Bovina Bloviator's blog
The College of Bishops of the Traditional Anglican Communion (TAC) met in Plenary Session in Portsmouth, England, in the first week of October 2007. The Bishops and Vicars-General unanimously agreed to the text of a letter to the See of Rome seeking full, corporate, sacramental union. The letter was signed solemnly by all the College and entrusted to the Primate and two bishops chosen by the College to be presented to the Holy See. The letter was cordially received at the Congregation for the Doctrine of the Faith. The Primate of the TAC has agreed that no member of the College will give interviews until the Holy See has considered the letter and responded.
Their request sounds both sincere and very serious, and should be treated with respect. (Indeed, I am told Primate John Hepworth is so committed that in the past he has volunteered to step down from his position should that prove necessary!) While the hierarchical and sacramental issues involved in such a reunion will prove complex for all and knotty for many, we should nonetheless pray for success in their request for union with Rome, whatever structural form it may take. If it goes off, it will bring nearly half-a-million former Anglicans back to their ancestral home in the Catholic Church, and if that happens, everybody wins.