I'm a school governor on the curriculum committee at a small primary school, as well a softie, as well as a volunteer for Raspberry PI, so that my credentials for what they are worth.
People need to realise that teaching coding (and it's still very early stages) won't affect the basic reading, writing and numeracy teaching. A huge amount of effort goes in to teaching those with special educational needs (i.e. those who are not up to scratch in the basics), and that will not change with the introduction of a new subject. Every child who is below standard gets extra teaching (at least in the school I am involved with). So people should not be complaining that that is going to change just because there is now coding on the curriculum as well. It's a strawman argument.
As for teaching coding itself, I believe that in order for children to make decent career choices, they need to be exposed to coding at school. That way you can find out whether the required aptitude is there. I would put money on there being some prospective best SW engineers in the world, currently sitting in a call centre somewhere, never having coded in their life.
As for the benefits of teaching coding to all, there are a number of principles that are part and parcel of learning about coding that are beneficial even to those who do not end up in a coding career. Logical thinking, decomposing tasks in to subtasks, touch typing(!) etc. Even a basic knowledge of the complexities involved will help when some of these people make it in to management rather than a coding career.
Now, whether the teaching needs to be as long as two years for all, I'm not convinced. I think 6 months for all might be adequate, then stream the people who want to do it/are good at it and get those who don't to concentrate elsewhere.
Year of Code itself? Run by people who really don't know what to do. They have the wrong people in charge, which is sad because there are many people who have be working towards this for years and are very experienced, and who could have been brought in. Hopefully it will sort itself out, but since it seems to be heading the way of most government initiatives, I don't hold out too much home.