I can see this ending up in a serious legal quagmire, in most countries its illegal to take folks property (real or "intellectual" ) without due process of law and this act gives no recourse to someone deprived of the fruits of their work or the unauthorised usage of the work by the act and thus its illegitimate in most of the globe and the UK itself, as a signatory to the berne convention this legislation cannot stand up to legal challenge in a court as it deprives the owner of a work of his copyrights that are recognised globally.
My advice to those who may be affected is to watermark all your online images immediately or better still add a new logo to them that you register as a trade mark, that will then give you two avenues to chase those who take or use your work without permission.
For those like myself who freely give permission to those wanting to borrow images its still nice to be asked or credited and this act seems a bit of a low blow biased in favour of big business.