It's been trashed by a lot of people, mainly beause of the way scrapping the FSA would create uncertainty in the short-term. The FT doesn't like it, nor does the CBI, and, most importantly, my own personal bellweather Mrs P said she thought it looked like they were just trying to do 'something' rather than really having a clear idea of what.
I think the general reaction has to be a bad result for Osborne politically. I would add that making the FSA the prime target does suggest that the Tories are still in thrall to the idea that everything would be just peachy if it wasn't for interfering bureaucrats. It's notable that they have very little to say about governance, you have to wait until page 35 for a mention, and then it's relegated to a box which basically says 'we don't know what we think yet'.
Still, Labour continues to lag miles behind in the polls, so presumably this stuff that no-one seems to want will happen anyway.