It's too soon to react properly to the Leveson Report, as has been graphically illustrated by the meanderings of people trying to do so on TV in the past hour. Two thousand pages of judicial prose are hard to digest. He has played a canny political game. By declaring he will take no further part in the debate to come he has cleverly ensured his reputation for posterity. Any bad things that happen in his wake will be the fault of others. As he said, the ball is back in the politicians' court.

As he was only asked to review the dying, if not yet quite dead, duck of the mainstream media, the main effect of his efforts will be to widen the already hilarious gap between what newspapers publish and what is available on the internet. That will weaken the credibility of the print media, and its demise will be accelerated in consequence. That worries me. The idea that the only professional news-gatherers in the world of journalism will be those in the broadcast media is a dire prospect. Newsnight, anyone?

The BBC is already the most influential news medium in Britain. If its undue influence is further bolstered, then let's at least drop the myth of its impartiality. Let it be set free to be openly the Pravda of British broadcasting and let Murdoch launch Fox News UK. Let a hundred schools of thought contend and let the public be the judge.

The idea that a press Code should be enforced by a regulator independent of both the industry and the state sounds great, but OfCom - the body Leveson suggests should "validate" the regulatory regime is a state agency staffed by well-paid and self-interested bureaucrats. People will angle for such jobs and obtaining the favour of politicians will be far more relevant to them than that of editors. Corruption will creep in, as it must in all bodies funded by force. The "great and the good" will dominate. If OfCom has any scope to "de-validate" the regulator or veto individual appointments to its review panel, directly or indirectly, then it will pretty soon be pulling strings behind the scenes. In a very British way, of course - with a nod and a wink over a G&T.

My only immediate criticism of the specifics of Leveson's report is that I am alarmed by his idea of what might be a meaningful incentive to newspaper owners to sign up for "voluntary" regulation. The only suggestion I have heard from him in this respect is for aggravated or punitive damages in libel cases where the relevant publication had not submitted to the Code. That's a frighteningly subtle suggestion. After all, most of us will be outside the Code. I heard someone from the Huffington Post (I think) on Sky News express total confidence that blogging is safe from all this, because internet publication is, or can be, extra-territorial (like this blog, hosted in the US and protected by the First Amendment). But our defamation law has extra-territorial reach, as witness those men of power who visit our courts specifically to use it to silence their critics. Guido Fawkes' blog is offshore but Paul Staines can be sued for libel in England so long as it can be read here. Foreign courts (including those in the US) will enforce any judgements against him under international treaties, without question.

If aggravated damages for libel by "outlaw" publications become the norm, can anyone seriously imagine that the social media will long remain aloof? Guido's readership, after all, is already far greater than that of all the political journals in Britain combined. It's likely to grow far more as the chilling effect of the new code takes effect. Indeed, I suspect he will be the only real winner from Leveson as fear of big fines further emblandens the mainstream press and as politicians obliged to disclose their every contact with journalists turn to him (as some already do) to publish the leaks and smears that are the tools of their revolting trade.

How politicians act on Leveson's recommendations, given that he has trodden such a delicate political line, is now far more important than the detail of his report. We must be alert to their games. Leveson hasn't killed free speech in Britain, but that's not to say they won't use his magnum opus as cover to do so.