As a case study of how to manage this law on an enterprise level, I've been looking into the BBC. They have a comprehensive policy on cookies at
http://www.bbc.co.uk/privacy/ which includes a Cookie Settings page where you can enable or disable some of the cookies, part from the essential ones and gives a full detailed list of what everything does. I'm friends with one of the BBC R&D team in Manchester who's also big in the hacker community up here; they've been doing a lot of work to spearhead various ways of educating the average internet user on what goes on behind the scenes.
The main consensus seems to be: Have the info available for those who want to read it. Don't bombard people with technical jargon straight away, instead, give links for further information which goes into more detail and the technicalities of it all. For those who don't want any information, don't ram it down their throats; just make sure things work for the de facto default browser settings and let them be. Basically, "everything ON as standard".
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