Yeah, I was just thinking the OP is going to come back and go 'what the hell?'
Yikes! I go away for a day asking an innocent question and come back only to witness 7 pages of replies! Many thanks to everyone who offered your opinions and facts. You've given me a lot to think about...
Just to set the record straight: I am personally not a scofflaw and not looking to break any UK laws. I asked about the waiver possibilities because I thought that seemed reasonable given my rather short stay (2 years). I will be living in London and will not NEED a license to drive for my work...public transport will be fine. I expect to be very busy between my job and "seeing England", however, which is my rationale for planning to own and operate a car....I just don't want to spend all my free time testing for a license that will only be good for a year!
One fact I forgot to mention before is that I DO have an expired Netherlands (Holland) license. It was valid from 1998-2001, but I still have it in my possession. Any chance I might leverage that with the UK authorities to obtain a current UK license?
To those of you who took, or are taking, a calculated risk continuing to drive on your US license...good luck...and stay safe...