Platini has been yapping about it again http://www.guardian.co.uk/football/2009/feb/18/michel-platini-uefa-european-parliament
Personally (and I'm sure unsurprisingly to most, given my allegiance) I'm glad the discussions Platini had with the elite clubs last week came to nothing. I think Platini's belief that a club's wage/transfer expenditure should always and unrelentingly be governed by their turnover (I think the proposal suggested outgoingings shouldn't exceed 50% of turnover) is completely at odds with his idea that football should not be dominated by an elite few. Surely such a cap will make European football an even more restricted old boys club, with Man Utd, Liverpool and Real Madrid cleaning up, owing to their massive global support and merchandise sale? Money and debt isn't an issue in itself anyway; Sure, Chelsea owe and loose more money than, for example, Liverpool. But that debt is secured in a way that insulates the club, unlike Liverpool's supposedly more legit financial dealings. Same with Man City.
The way I see it is that Platini has (and always has had if you read any of his interviews and press from during his career) a massive ego and an even bigger complex when it comes to being in charge. His salary cap would have the biggest effect on the Premier League, a league which is strong and rich enough to time and time again undermine him and he's getting petulant because of it.
That said, I kinda agree with him RE: under 18 transfers. More does need to be done to protect young people and the smaller clubs that produce them.