Well no, not really listening all that much to be honest, but I am well aware of the situation. I think if they are going to meet on it, they will probably ban players from changing their grip to play reverse shots like that. That's just what the MCC does. They ban things. The entire history of cricket is shaped by crafty people being innovative and the MCC telling them to bugger off.
The reverse sweep itself won't be banned as it can be played with crossed arms.
I personally just don't really have a problem with players using the bat as they see fit. A change of hands, after all, has to be premeditated. I consider that a risk. The insurance Pietersen has is that he only plays it against dobbly medium pacers, never particularly good bowlers. He won't get banged in the ribs like he did against McGrath.