BT have a nice implementation of this, or at least would have if they’d turned off tracking cookies by default (hah). I assume that their code flexible enough that they can do this on the deadline. Look at the bottom right of http://www.bt.com/ (or any page on the same domain).
[1] http://www.international-chamber.co.uk/components/com_wordpr...
But like all good jokes there's an element of truth since I suspect that's exactly what some websites will do.
Take a look at what the ICO themselves do - they show a consent box at the top of every page unless and until you opt in:
If you can't log them on, well... I guess you should try to guess their country, and if it's UK, you don't track.
This is another case of well-intentioned but probably unenforceable legislation by our detached European elites.
The ICO would have website owners pop up a box to new users asking them to give consent to using cookies.
Which if they refuse has to create a cookie so that their selection is remembered.
(Edited for clarity)