" this legislation simply allows works that have no identifiable owner to be used if the, yet to be created, regulator/licensing authority agrees that adequate attempts have been made to identify the owner."
But given how trivial it is to remove metadata or simply avoid ever having it, how can anyone prove that you didn't make adequate attempts? I can't think of any method even slightly effective against, say, a technically competent 15-year-old with a computer.
"Even if your work is 'accidentally on purpose' considered 'orphan' you do actually still retain the copyright to the work and can pursue the user for compensation or issue a take-down notice"
Well, as I say, there's not much chance of getting compensation as you won't be able to prove malice and if they've sold 10,000 copies of the image by the time you find them then not only will you not get compensated but you'll have 10,000 other people who think they own a legitimate copy and no way to tell a court any different.
It's a complete shambles of an idea and at the end of the day there was absolutely no need for it. I think one could make a reasonable case that this is a public-office corruption case waiting to happen.