A period of 5 days after results day that allows students who have over achieved to "upgrade", and attempt to gain a place at a more prestigious university. This is seemingly suitable for those who apply to safe options based on grades, then realise that they could have been more ambitious with their applications.
There is a major flaw however. The top universities have been offering places since late last year. With the massive demand for places at the top institutions, it is unlikely that there will be any spare places remaining - particularly on popular courses. On top of this, there will now be 5,000 fewer university places than were envisaged just a few months ago. Since universities face financial penalties if they over-recruit, some will now be wishing to reduce the number of offers they had been planning to make.
Seeing as the application process already allows for students to accept a firm place and a back up, I think that students should be slightly more ambitious to begin with - and save the hassle of the ridiculous process of 'upgrading.'