Ok, so I've actually read about it now here (rather than rely on MN gossip), and this article suggests that:
a) applicants to the scheme will be accepted until 2011;
b) the system will be phased out by 2015.
So, basically, by announcing this policy change now, GB has decided that electoral defeat wasn't going to be enough, but that only electoral hari-kiri would do? Because everyone is now talking about the scheme being wrapped up, when in fact this isn't set to happen for over a year, plus there's still 6 years to run on it. That's 2 elections away (if he was going to make it that far...).
He'll have pissed off - for no good reason - a goodly chunk of potential voters. And there's just no way, to my mind, that the people at whom this change is aimed would:
a) actually vote in large enough numbers on the strength of extra nursery places to make a difference to Labour's result;
b) make a difference anyway, since - possibly - they are already Labour voters and therefore not going to "swing" it for him.
I can only imagine therefore that either:
a) this is a genuinely felt decision to target resources better, and he really does feel that - if he's going to go out - he may as well go out with conviction;
b) he's mad.
Either way, he's given the Tories ideas for when they get in.