I was immediately reminded of the push by Puritans under Elizabeth I to do the same thing. The difference, I think, is that Rowan Williams is no Archbishop Whitgift; thus, I don't see the official leadership of the Anglican Communion as able to isolate and/or reconcile the dissidents.
Of course, that doesn't mean that the blueprint for "a church within the church" will actually succeed. Far more likely would be the eventual departure of the traditionalists -- not driven out like the Puritans, but leaving on their own initiative because they've decided the leaky old ship isn't worth saving. Either way, it's a loss for us all, I think.
Cuthbert, Wilfrid, Theodore, and Paulinus -- not to mention Richard of Chichester, Thomas Cranmer, and a host of others -- must be turning over in their graves. I wonder if an appeal to the Queen as Supreme Governor of the Church of England would have any effect. She could sack Williams and name somebody better.