Not hysterical, but I see a couple of counterpoints.
There is nothing stopping the UK from retaining EU standards for trade, if they are rational. If not, is it wise to retain them? Tariff rates are still at historically low levels, so the tariff barrier between British producers and European consumers will not be that great.
As for immigration, I believe that there is an enormous difference between a young Pole or Romanian moving west in search of a job and an Arab (or Eritrean or Bangladeshi) "refugee" looking for a social safety net. The former is culturally westernized, secularized, reads a language that at least uses Latin script and are an economic blessing for the UK. The latter is a whole bundle social and security problems with substantially smaller tangible benefit to the UK (other than allowing some Brits to feel "nice" about themselves). The Brits can still allow the former in. They will now have a choice about the latter.
I believe the bigger issue is getting while the getting is good. My state waited too long, hoping against hope that the central government and the other members of the union would reform themselves. When my state finally stirred itself to free itself from an abusive union, the central authority killed 30,000 of the citizens who would dare opt out and destroyed millions in property. Right now the EU does not have the military might to force the UK to stay, but did you notice how testy Jean-Claude Juncker got at the press conference? Central authorities do not like having their power circumscribed. Who knows how vicious Juncker's successor will be in 50 years, and how he would act if, instead of now, the UK opted out 50 years hence?
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