MikeB4: Time will tell

Hopefully.

VW seem to be having a go at splitting the issue between US and EU, when it's clear that they did exactly the same trick with models sold in both markets.

For the 2009-14 models, it looks like there's no hope of getting them to meet EPA standards without major modification.  
But they seem to be hoping to get away with software modification to get the other 11 million to meet Euro 5 standards (when higher NOx levels were allowed than EPA, by a factor of about 5).  However, if that's possible by turning off the emissions defeat program, it kind of begs the question as to why it was ever needed in the first place for those markets, and doesn't address compensation for owners who will probably end up with lower performance, higher fuel consumption, and higher maintenance costs.
If they are made to run the NOx reduction rich mode cycles more frequently to "refresh" the NOx trap converter so it actually works, then it's inevitable that the DPF will clog more frequently as there will be more soot, presumably the first catalytic converter will run hotter, lifespan of the catalytic converters will be reduced - and these are very expensive parts for the owner to replace.
Then, even if they can get them to pass Euro 5, they've drawn attention to the whole other dirty trick of legally permissible "cycle beating" for which they'll probably have a bit of a blind eye from the European regulators who are arguably equally culpable, and I expect a bit of a lackluster effort from German government who'll be rather concerned about the impact on jobs and the economy.  It isn't just VW who want this to be put to bed with minimal fuss.