That totally depends on the committee tasked with reviewing petitions for debate. Once it has been scheduled for debate, there are no barriers to what can be debated.
But the petition has already served a purpose, it has gained significant media coverage. Which shouldn't be dismissed too lightly given that it had only collected a few dozen signatories prior to the announcement of the result, and there was no mass market media campaign to draw the petition to peoples attention.
Additionally, as El Reg reports, its popularity has attracted attention and the 'security' (don't know if we can actually it that) of the process used to link signatories to real people has been examined and found wanting.
So as far as I'm concerned, it actually doesn't matter too much if it does or does not get debated, it has served a purpose, namely the people have spoken and they are not happy.