Cameron clings on ... by announcing more details of the judicial inquiry being planned into the scandals involving the media and police ... and by deciding to support a 'cross-party' coalition debate (though did not himself attend!) ... responding to the scandals embroiling News Corporation and pressurising News Corporation to withdraw his bid for BSkyB - which Murdoch has now done!*
To save his own skin Cameron has had to jettison his ties to Murdoch and finally 'let Coulson go', saying ... 'if he lied to not only to himself, but select committees and judges, then he should be prosecuted'. Cameron will I hope that attention gradually moves away from the questioning of his judgement on hiring Coulson, but is probably quietly worried about what Coulson himself might say now (e.g. Coulson on being arrested commented he "has a lot he would like to say, but currently can't").
'People power', building up as a result of growing concern about the misuse of power and the growing influence of the internet (e.g. social networks), is starting to force politicians to listen, and forcing corporations to think carefully about any negative impact on their brands (which is why they were quick to withdraw their advertising from News of the World).
Cameron has reduced the proposed inquiries down to one, and some see this as a clever way of taking some of the 'heat' away from the regulation/ownership of the press and away from how politicians work together/conspire with the Media ... however a number of groups, including the 'Hacked-Off' campaign and the family of Milly Dowler, are putting pressure on the Government to ensure the inquiry is both wide-ranging and thorough (e.g. it covers the behaviour of Politicians and Government in relation to the media). After talking to all party leaders, they said that they are reassured that voice of the People is starting to be heard ... and that they will continue to challenge the actions of groups such as the Press, Police and Politicians.
Let's see ... this has a long way to go ...
* Is Rupert Murdoch trying to save News Corporation and/or his son James, currently Chairman of News International and Non-Executive Chairman of BSkyB ... as people are starting to ask if News Corporation is 'fit and proper' to own the existing 39% of BSkyB it currently owns too! ... and US senators are also starting to ask for enquiries into the practices of News Corporation in the US!