So where do we go from here?
Everyone seems to agree on three things: the freedom of the press should be protected; members of the public should be protected from excessive press intrusion; and the current system of the press regulating itself has not worked.
That is why the Leveson Inquiry was set up.
What politicians, the media and campaigners have disagreed on is how this should be achieved.
The three main parties have agreed on a new regulator being set up by Royal Charter, a mechanism used to establish organisations such the BBC and universities.
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However, disagreement has centred on whether or not the powers of this new body should be enshrined in law (or statute) to preserve its independence from the press and politicians now and in the future.
This is the "statutory underpinning" we have heard so much about in recent days.
David Cameron has been steadfastly against using the law to underpin the regulator, while Ed Miliband and Nick Clegg regard it as essential.
What we are seeing is a political "fudge" being negotiated so that both sides will be able to claim victory.
Reports suggest a clause will be inserted into an unrelated Bill being debated in Parliament today to safeguard the Royal Charter used to set up the new regulator.
To most people this intense debate may feel like dancing on the head of a pin but it does matter – and not just to politicians and journalists and victims of press intrusion who want effective redress and a more responsible media.
It is the general public who ultimately hold the key to the press's future.
Be clear this is not about state control of the press, even though UK broadcasters function effectively under robust statutory regulation.
The press will be relieved to have avoided greater statutory control but the new system will only have credibility if the public has confidence in the new system.
On the web: join the debate at thisisnottingham.co.uk