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Pages 30 to 39 of the Final Report of Jackson LJ are worth reading, as is the speech on Proportionate Costs by Lord Neuberger (http://www.judiciary.gov.uk/wp-content/uploads/JCO/Documents/Speeches/proportionate-costs-fifteenth-lecture-30052012.pdf).
The truth of the matter is that corners will be cut, disclosure will become perfunctory and time will be written off by solicitors. And then, of course, the judges will complain that the case was not properly prepared for trial.