That's the 'wanton or furious driving' section of the offences against the person act. I remember reading about it before. The maximum sentence is 2 years in prison. A horrible thing to be facing as a 19 year old rider, but clearly not as horrible as what happened to the pedestrian.
Because there's a specific offence for the motor vehicle equivalent that has different sanctions (specifically relating to points on the license and bans).
If they charged drivers with the same offences they wouldn't be able to give them points or take away their license.
So the thread is locked on this, for obvious reasons.
http://road.cc/content/news/204680-cyclist-charged-following-death-london-pedestrian