Con - Waxman-Markey doesn't really do an awful lot.
Pro - The symbolic nautre of the bill helps to work against China and India's argument that if the US isn't doing anything about climate change, then they don't have to.
Funny how climate change makes recessionary concerns kind of moot. It will cost money to change the way we live and work to ensure sustainability.
It will cost
more money to do nothing.
http://web.mit.edu/newsoffice/2009/roulette-0519.html