The proper solution to this would have been for browsers to have a more prominent "delete cookies" button, for those who care.
The way it's done now is just dumb: the bad guys are still going to track cookies, and it's a massive time sink for every other website out there that wants to comply with the law.
There should be no step which is "delete all tracking stuff".
You should be asked when you hit a web page if they can add a cookie.
At the moment, this is done by the page by legislation, but the next step is to do this at the browser level. I'm quite happy as it's training users to do this nicely.
It took us about a day to sort it out on our corporate site and web applications. If you've got loads of social crap plugged in, don't whinge - think before you do something.
The new cookie law is annoying because it results in a barrage of sliding/popup tickbox crap during one's daily browsing.
What we need is browsers with sensible privacy defaults, and easily-understood alternative settings. Safari's standard no-third-party-cookies rule is nice in this regard.
Firefox used have an option to ask you whether you wanted to receive cookies sent by websites. Turning it on made your browsing experience quite unpleasant. And that was several years ago; I imagine it'd be worse today.