I am not sure what the public reaction will be. I hope for a Spain-style backlash against Blair, there is still a lot of anger against him over Iraq, and this is one reason I didn't want London to win the Olympics, I didn't think we deserved it, and we won't be able to hold it safely.
Personally, he seems to me to be doing well.
The best result from all this would be to accelerate pull-out of UK troops (and RAF, which has been supporting USAF in attacks on Karabilah in June 2005) from Iraq.
However, I fear it may mean the opposite, and lead to deployment of UK armed forces in support of US attacks on Syria and Iran.