Hanging around is precisely the problem. I travel frequently in the winter from Waterloo to HOP in the evening 8:00-9:00pm and it is easy and pleasant to aim at one of the two trains an hour from Charing Cross.

The late night change at London Bridge is not too much fun when it's cold and miserable and the change, well timed or not, will add between 5 and 10 minutes to the journey - about a 30-60% increase in journey time.

It will be a disincentive to go to the RFH, BFI or NT if, to get the train home, one has to schlep up to Waterloo East and then change and schlep over the footbridge at London Bridge.

The cutting of the direct trains to Charing Cross is a distinct diminution in service.