The arrest warrant is valid, he's using his political cover to avoid a rape accusation - if he were truly afraid of being extradited to the US he would never have entered the UK, our extradition treaty is far less likely to protect him than Sweden's.
I've seen nothing in the British press to say the ruling is binding, but the European Arrest Warrant certainly IS.
Assange is waiting out the Statute of Limitations - he only has to wait another year and the charges will have to be dropped, then he'll walk out of the Embassy to applause from his Sycophants, get on a blame to the Caribbean or somewhere and in a few decades a confidante will come forward confirming it was all true and he was a nasty sex pest.
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