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They said it on their site that it was for businesses to be able to schedule their rebranding - signages etc - and that most businesses would do that as a normal business process during that time, which is a reasonable assumption imo.
My discussions with end user business owners support that. While there was no concensus on exactly how long is "long enough" they all told me that 6 months was ludicrously short.
As Nominet noted, many businesses go through a brand refresh or rebrand periodically anyway, so 5 years will allow for them to incorporate .uk into that normal process and minimise their additional costs.
Also worth noting that it "saves" nearly 19 pounds vs the 6 month period if you choose to exercise the right to the .uk at the very end of the 5 year period.
In other words, it would have cost you 19 pounds (wholesale) to warehouse each domain name for the 4.5 year difference between the V2 proposal and the final release mechanism.
Taken over a large portfolio, that's potentially a commercially very significant saving.