The review seems to suggest that the level of threat to outposts such as Gib and the Falkland's, is extremely low, which I think is correct. If you look at the state of the Argentine military, its an omnishambles currently. Argentina could not hope to launch at invasion, and if by some miracle they managed to, their taskforce would struggle to make land fall on the Flakland's given the anti ship and anti landing defences now placed on and around the islands as well as their own poor resources.
In any event these cuts have little impact on a Falkland's theatre, the Army were a junior partner in the last campaign and had the same amount of disasters as successes. Force ratioss since 1982 have drastically shifted in favour of the UK, not only on the Falklands but in general.
Spain would not dream of attacking another NATO partner.
To your point Plumb, we would now struggle to reinforce our bases in Cyprus if Turkey decided they were strong enough to act, I could see a scenario where this is possible, I believe one of the biggest worries within European corridors of power is now a bullish Turkey engaging in low intensity conflicts in their sphere of influence. As no one has been able to get to grips with their power projection and soft power in places Syria, Armenia and the Eastern Med, basically they're doing what they want and when they want to. Coupled with the current state of Greece, Cyprus and our presence there could become threatened in the near future.
It certainly reduces our abilty to control a deterioration similar to the past in N.I. which, given the political events of the last few years and changing demographics there is likely within 10 -15 years.
The review shifts us back towards symmetrical warfare, in the hope we can compete at a disadvantage size wise with nuclear, cyber and drone tech as large force multipliers. It's a big risk, but demonstrates our declining world influence, so in that regard it is sensible. But as has been mentioned by a number of politicians in the last few years, we would now, always aim to be part of a coalition in any future conflict. That brings its own pitfalls. We now run the risk of the US seeing us as a liability.
I think the main aim of this review is to stop us fighting any more Iraq's or Afghanistan's for the next few decades.