I know there's a general view of the 'law is an ass', but honestly, I think anyone who was ticketed about this and then wanted to challenge it would end up in court saying "Yes, I didn't have pedal reflectors, but I had two lights on the front, two on the back, a reflectively striped jacket, a reflector on the back, and a giant tiger on my back rack dressed in a ra-ra skirt" and sense would prevail.
I think this is something of nothing. Yes, the law is being changed to allow PCSOs to ticket people, but (I've not read the actual new law) is it a general 'PCSOs can now ticket people for this range of offences' or only granting them the powers for pedal reflectors?
If it's the former I'd expect this is simply to take the pressure off the police and they will ticket people for the same things the police used to, and would do if they had the resources, and... the police never used to ticket for this.