Hi Candy2012, hi pates,
The view within the online marketing / ecommerce community is that a disruptive banner will lead to visitor dropout, i.e. currently most internet users don't know what a cookie is or why it might be used. They will click "no" and you either lose visitors or valuable analytics. The ICO themselves ran a similar approach and received just 10% opt-in and their traffic stats (controlled by a cookie) were down 90%. From a website owner's point of view that is a huge issue and so alternative implementations have been sought.
This plugin takes that opinion.
http://www.johnlewis.com - see how they are doing it (very interesting)
Assuming you are not deliberately breaching visitor privacy (in which case the ICO are rightly coming after you...) then this approach will keep you off the radar of the ICO, whilst still providing the required privacy to your visitor and not causing your site to lose traffic.
The ICO will surely improve their communication about how the law will be implemented, and we will continue to monitor the situation and update this plugin accordingly. In the admin panel of this plugin there's an option to sign up for such news. It's non-spam, only news how this WordPress plugin can be used to help you.
I hope that helps clarify a few things.
Thanks again for evaluating this plugin.