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Vaizey: "We should question the logic of trying to make firms outside of the EU subject to EU law"
Since citizens outside of the US are already subject to US law (Julian Assflange (tm), Gary McKinnon etc.), I reckon it's perfectly fine for us to claim corporate entities outside of the EU subject to EU law, if they use some internets to break EU legislation on computing devices located in the EU (regardless of their physical location). We've already got an extradition process in place with a load of countries, after all, and getting them to bundle the CEO of AdClick onto a plane to answer for crimes in the UK sounds perfectly reasonable to me :)