I'm the creator of the video. Just to clarify a few things:
1. I'm not against better privacy. Just a poorly written law.
2. The law doesn't just cover cookies - it also applies to HTML5 Local Storage, Flash objects etc. "Cookie Law" is a popular abbreviation.
3. It may not be realistic to challenge the law, but I believe we should try.
For those doubting the veracity of these claims, here are some references:
KPMG: 95% of UK websites not compliant with law
http://www.computerworlduk.com/news/it-business/3350059/95-p...
TechCrunch: Stupid EU cookie law will kill our startups stone dead
http://techcrunch.com/2011/03/09/stupid-eu-cookie-law-will-h...
Wired: The EU's legal war on cookies is barking mad
http://www.wired.co.uk/news/archive/2011-05/11/cookies-regul...
BBC News
http://www.bbc.co.uk/news/technology-13541250
The Guardian
http://www.guardian.co.uk/technology/2012/apr/13/new-law-coo...
Plus of course the site mentioned by the video (my site): http://nocookielaw.com/