Anyone who thinks this legal separation will be easy and won't cost an absolute fortune should read this link. Specifically the bit about transfer of assets. It's from the union that represents BT staff and sums it up better than I ever could.
I think you'd be hard pressed after reading the document not to realise that you can't split off Openreach in any way without first merging Openreach, TSO and some of the functions of Wholesale. It just won't work from an engineering and R&D viewpoint.
I really hope Ofcom are properly listening to BT and the union's counter arguments rather than just ploughing on with their fingers in their ears or this will end up doing more harm than good.
If I was the pension regulator I would want a lot shorter period to remedy the pension deficit if the 2 parts are split as the risk increases significantly. ( I am surprised BT were allowed to go to 2030 to start with)
None of the documents I have seen seem to consider the splitting of the BT Debt between the two future parts. This too could get interesting as a significant anount would be OR as they get most of the asset value. All those recently provided Fibre assets, against the practically fully depeciated PSTN and ADSL networks. ( Football rights are paid each year so remain Retail liability but not debt) Only the EE aquisition on the balance for the rump.
Also have to consider the Business rates issue as the vast majority is OR and they will only get the proposed relief on future build NOT the existing fibre rollout.