I think everyone should hold fire on the accusation that these threats are made up. If a rape victim failed to report an attack to the police, would you be automatically disbelieving?
A healthy dose of scepticism (with perhaps just the lightest seasoning of cynicism) while the police wait for a complaint to be made and then investigate it is in order, but nothing more. There are some very odd folk out there who do some very odd things, so it is most definitely not impossible that such a threat might be made.
The board have referred to the outrage of sponsors in influencing their decision, which I would regard as a crushing victory. It is a shame that the board have decided to hang their hat on that as the "first" reason for what is an otherwise applaudable decision.
RCE's statement was contrite and dignified, which I think is the best thing to come out of this.
And in my opinion there is categorically NOT any reason to change laws or FA/PFA rules to deal with this type of situation. I personally think Ilombe Mboyo (the Belgian convicted rapist who didn't sign for West Ham) should not be prohibited from playing in this country, for example. I also think that RCE should be allowed to sign for a UK club after he has either (i) completed his sentence, shut down his website and accepted his guilt (he has now apologised to the lady he was convicted of raping, which is a start) or (ii) had his conviction quashed in the Court of Appeal if the CCRC decide to refer his case.
Legislating for who can and can't play for a "high profile club" is absurd. These things are best left to commercial pressure, as was ultimately effective in this case.
The PFA, FA and professional football clubs will all do some soul searching about this and the damage that even lesser cases of criminal behaviour by their players can do. That can only be a good thing.
And everyone is now aware of what a tool Eric Hall is.
and 
all round