This is one of the things that makes me an atypical Democrat, I guess, but I think that something closer to an enforcement only law is what I'd like to see. The ridiculous criminalization bill that the House passed isn't at all what I have in mind, but it's closer than the President's proposal.
If we secure the borders via real and virtual fences, increase the boarder patrol to levels specified by the 9/11 commission, and start enforcing the laws against
employers (which should be easy enough given the Social Security Payments for accounts that don't exist), the problem will largely solve itself. Illegal immigrants will have an increasingly difficult time finding work, and many of them will leave of their own accord. Compliment this with a scientifically-based guest-worker program to protect the industries that swear up and down they can't find Americans, and I'm happy.
In the real world, though, I'm happy that the only law that's passed thus far is the House's. It has almost no chance of becoming law, but the Hispanic groups know which party passed it, which is just as good for the Democrat's electoral chances. Thank god for self-inflicted wounds. The Republican's just can't help themselves these days.