All Dogs in England Must be Microchipped Before 2016

Here's the link to the article. What are your thoughts on this? I think microchipping is very important. If our dog ever got lost, I'd be devastated, so the microchip can be very useful in those cases. We plan to get our dog microchipped during her next vet visit in a few months. Do any of you have your pets microchipped and, if so, has it eased your minds? If you've decided not to microchip, why? I want to make an informed decision.