As you said earlier, @Ceramiq , time will tell.
You’ve inserted a key caveat: If Oxford wants …. and we will need to see which way this goes. Imperial took a deliberate, financially based decision to recruit a highly international student body. Oxford’s wealth means it doesn’t need to do that; and at the UG level it will need to figure out what it wants to do.
(Yes, we all know the official line, but we also know that rightly or wrongly a significant portion of highly able Home candidates are put off Imperial by the international nature of the student body, and some Home students find it difficult)
This circles back to the role of state funding in UG education. The greater the funding, the more legitimate I think it is to reserve a portion of places for Home students. Right now that funding model is broken, so the legitimacy is questionable. It will be interesting to see which way Oxford goes.
I agree a good exam suitable for candidates from different backgrounds would be an ideal filter. If ESAT does what Oxford wants, that’s fine.
Pearson has messed up enough over the last few years that yes, I wish this were administered differently, but that is a separate question.