That would certainly help
I've been with 3 for a few years now and the lack of signal penetration into structures by 3G signal even when I've got masts nearby is a real problem. I've actually considered moving to O2 just to be able to have a phone that could be run 2G rather than 3G so I can get better signal in my flat!
Mobile is mature enough that hopefully we can avoid the non-interoperability of hardware that the US was saddled with during the time when Europe enjoyed the increased competition afforded the GSM interoperability.
I say bring it on; if Vodaphone and O2 get some of their share taken away (they didn't pay for it in the first place, so they have no right to complain) and assigned to other carriers it can only benefit the consumer. I know I'll be more likely to stay with 3 if I can get a phone that does 900MHz (selling iPhones wouldn't hurt either).