Well BU council have met and made decisions. I was not there and therefore can't be sure what happened, but Neil Brighton was and has his thoughts and shares them here Distinct Reflections.
Assuming Neil is right about the facts, then I am inclined to agree with his rather stark conclusions. If anything Nigel Coles is even more gloomy about the outcome of the Futures process here
Neil has however also pointed out some great reasons for optimism here and I am sure he is right that social networking will be really important in this debate going forward
As for The Baptist Union's official take it is here Baptist Times
Thank goodness God is not confined to working in a process but His Spirit moves how He will and with whom He will.