RAE 2008 results are now out (effective 18 December 2008)
Many, many ways to calculate rankings from the data but arguably the most authoritative and convincing one comes from Research Fortnight:
Research Fortnight Power Rankings 2008
11 King’s College
20 Queen Mary
The Times Higher rankings can be found here. They are using a Grade Point Average (ie no direct indication of volume). The Guardian’s calculations are here. Not very different from THE and using GPA again which shows excellent performance for institutions with slightly smaller strong submissions including Essex, Warwick and York. All of the tables show a very good improvement by Queen Mary in particular but also Nottingham.
Other analysis is awaited…