Personally I am reasonably happy with the news. I think that Bonnie is actually a reasonable choice for Eurovision.
Though some have argued today that this is an extension of the strategy employed by the BBC last year I argue that though The Hump didn't score well last year does not mean that this is an aimless strategy. Also I argue that Bonnie Tyler is a better and more appealing singer. This does not mean that I think the UK is going to win the contest by any stretch. However I do think that a mid-table finish is perfectly achievable and with all things going the UK's way this could sneak into the top 10.
Yes there are problems with this strategy, but I do think that there is a certain level of pessimism amongst many British fans of the contest that feel the BBC has abandoned Eurovision. I am skeptical that this is a complete flop by the BBC and think that this entry may outperform expectations.