To be fair it does seem that a lot of this has been blown out of proportion... The Bacc is looking at 5 subjects, and most schools would expect their pupils to take between 9 and 14 GCSEs (or at least that has been the case at the schools that I've taught at). Even if we assume that every school is going to "push" the pupils into the Bacc subjects they'll still have 4-9 other subjects to study, some of which could be vocational. Its a sad fact that not every pupil will pass, (and this isn't always the pupils fault!) but core subjects have been around forever! I took my options in 1989 (GCSEs in 1991) and I was faced with having to choose one humanity, one language, one science, English language and Maths. After those subjects were slotted into my timetable I got to fill the rest with subjects from other disciplines.
For what its worth I'd have failed the Bacc as I only got a D in French, but I can't see that as a problem. Qualifications are only as important as the last one you took, so for students that wish to carry on with education their AS/A levels or degree etc will be the focal point, not their GCSEs/ Bacc. For those that don't wish to carry on in education they can continue to list GCSEs, NVQs, Btec etc and make no mention of Bacc.
To pick up on something DZ mentioned above about league tables, sadly there are many parents that don't do any research at all! Their kids go to the nearest primary school and they'll go to the nearest secondary school regardless of reputation or results. At the other end of the spectrum you get the parents that focus totally on results and fail to see the bigger picture. This isn't the fault of the system or league tables, its a failing of the parents, and no matter how the results are dressed up that won't change.