Cheers for the link Rizla - I guess I'd advise the following to anyone who still wants to sign up to Setanta:
1. Pay using Direct Debit.
2. If cancelling, send a cancellation letter using recorded delivery, advising that you will also be cancelling the direct debit.
That way, you're covered. I wouldn't like the 60 day cancellation notice much, but that alone wouldn't be a barrier to signing up for me, as long as I knew all the facts in advance.