How does the website cookie law work?

[Tiki]

Well I'm in the US and I've never heard of such a thing but that's kind of dumb in my opinion. Anyways if you're really scared of what to do then be on the safe side and go old school.
In the old days there were a ton of people still on dial-up but a lot of people were getting DSL. Because of this websites started having a landing page where you could click on "I'm still on a slow connection" or "I have a fast connection".
Just do something like that to keep things simple, one link says "I like cookies" and one says "I don't like cookies" or something. Obviously you can put some wording on it and drop some graphics into it to make it appealing and such.
Since you haven't seen anyone do that in accordance with the cookie law you could even slap a blurb up about you're seeint the trend in it or you're raising the bar in personal privacy - something to make it seem like you're the utmost in respected business online.