See the post below for a great table on the responses of the 3 big parties; victims and the press to the emerging proposals for a new regulator.
Here, I've copied in a point-by-point FAQ from The Guardian summing up many of the points you need to know to really grasp this thorny issue
Its also necessary to put this into wider historical context, something we'll look at in more detail
Is it statutory regulation, how would the new watchdog deal with phone hacking and what do victims of media intrusion think of it?
How will press regulation be different now from before?
Culture secretary Maria Miller has claimed the prospect of investigations, fines of up to £1m for the worst or serial offenders will make it one of the toughest regulators in the world. While the predecessor Press Complaints Commission had no powers to impose fines, it was its lack of independence from newspapers that caused its demise. Its inaction over allegations of widespread phone hacking at the News of the World led it to being branded a "toothless poodle". The new watchdog should be completely independent. The press will have no veto over who sits on the board and serving editors will not be members of any committee advising on complaints, unlike the old system in which editors adjudicated on each other.
Is it statutory regulation or not? (And what is statutory underpinning anyway?)
The new regulator will be established by royal charter, not law. The charter will be entrenched in statute so it cannot be changed by ministers. It could only be amended if there is a two-thirds majority vote in both houses of parliament. The wording, d