Without a public option and some kind of individual mandate, nothing else is really going to change.
I believe Obama's approval ratings on how he is handling this particular issue are dropping partially due to people who want real reform but don't think the bill that is being discussed will improve their overall health care or reduce their health care costs (I'd be one of those people if they polled me). I hope the White House reads this poll properly. Many people opposed to the plan (or opposed to Obama's handling of the issue), may feel that way because it doesn't go far enough, not because they don't want government-run health care, as the GOP flacks would have you believe.
The compromise bill that Baucus, Conrad, Grassley, et al, are working on will not really change anything, other than possibly add some more efficiencies to the insurance business. I hope Obama vetoes it, if it passes. Or at least he should threaten a veto until they go back and add the public option and some type of mandate. I know he doesn't want to do what Clinton did and make the bill personal and be held personally accountable for it. But he already is anyway. No matter what happens, voters will perceive this as his reform plan and the GOP will call it socialized medicine, rationing care, etc., even if the current system remains in place.
I would hope that DailyKos and other Netroots sites begin raising money to run ads against these Democratic Senators who seek to water down any real reform. If this is what the Dems do with majorities this big, then what is the point of voting Democratic unless they are true liberal Dems?
The Blue Dogs are the new "swing votes" in Congress so they get the attention of all of the lobbyists. And all they seem to do is slow down or stop progress. With friends like these, I'd rather just have Republicans.