As you know, the president could probably use reconcilation to get the public option passed in the senate and we can already get just enough blue dog democrats in the house to pass the public option but because of the procedural stipulations of the reconcilation method, there would be no laws against dropping people with pre-existing conditions and must of the important health care reforms. Plus, if the president "rams it through" (as the republicans would say) first, then we wont get any of the reforms with the public option.
What the president can do is concede the public option but get alot in return in terms of every other health care reform, and then , ram though the reconcilation vote of just a public option. He should not tell anyone right away though, and since u only need 50 votes and the public option wouldn't start until 2013 anywyas, he could wait a few months and then push it through