It would be really awesome if they (or someone else) did something similar in London. Cambridge is not very far from here (60 miles or so) but still, there are a lot of developers and would-be entrepreneurs in London and I believe the program could be even more successful here.
Cambridge is only 45 minutes from London by train, and London does already have Seedcamp.
If you're early stage, Cambridge makes a lot of sense. Low living expenses, and a TON of angel money is around. A good number of the angels have the resources to do VC-level rounds. (VC's like Amadeus also have offices in Cambridge.)
I'm not sure any VC in Cambridge is suitable for startups gearing towards Seedcamp. I'm not sure if Springboard is geared towards these style companies, or more ramen profitable & scale without external help style companies. I suspect the latter.
I think there is massive benefit in having all the key VCs in one area, Cambridge can't compete - but Cambridge does have tons of angels. YMMV
