Don't really think we need to seriously discuss the options of the UK getting the euro - it won't happen, and that is perfectly fine with me. But as for the £ "going down", keep in mind that the central banks in the US and the UK have lowered their interest rates. The ECB is in a difficult situation: On one hand it would make sense to do so too, thus making it less attractive for investors to buy euros. But due to the increasing inflation rate (3.5 percent in March), lowering interest rates is not really an option here.
Quite a few businesses "here" that export to non-EU countries are of course suffering from the expensive euro. Fortunately about 75 percent of German exports, for example, go to other euro countries these days, and I think that exports to the US are in the one-digit range. So there is no reason to panic, but those euro based businesses that actually trade in other currencies a lot will have a harder time now.
It may now be more attractive for businesses/customers in the euro area to buy British products and services, or to invest in Britain. Basically the same has applied to the US for quite a while now. So a "cheap" dollar or pound also has its advantages ...
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IoM even suggested that they would keep the "Manx" pound, though really they could not afford to. One thing is for sure, with the Euro their days of coin-whoreing would be over

Depends.

The Crown Dependencies (Guernsey, Jersey, Man etc.) are not in the European Union, and they can use whatever currency they want. It makes sense for them, of course, to use what the UK uses. But let's assume that the Isle of Man wanted to introduce the euro - it would have to make some monetary agreement with the EU, and that would probably include some kind of limit. That is, the IoM could issue coins worth so and so many euro per year.
Now this would keep them from issuing a plethora of coins. But they could still have circulation coins and €2 commemorative pieces made; all those are legal tender in the entire currency union. Even better (or worse, hehe), the Isle of Man could also make collector coins (which in the euro area are legal tender in the issuing country only, and do not actually circulate), and I am sure they would make use of that option ...
By the way, the Isle of Man actually issued "euro coins" in 1996-1998: five "10 euro" pieces, one "15 euro" piece, and three "50 euro" pieces, all made by the Pobjoy Mint. As far as I know, they even used to be legal tender, worth the equivalent of 1 ECU per "Manx Euro".

Christian