I have mixed feelings about the Waxman-Markey bill. On the one hand, its a solid cap-and-trade program with a good target: emissions should be 83% below 2005 levels by 2050. That's basically a carbon-free economy. But there's an offset provision which could make the law useless. (Which makes we want to call it Waxman-Malarkey) A good summary of the pros and cons of the bill is here.
Also its not law yet. It still has to go through the Senate where I expect a weaker bill to emerge, if any. But its important to note, as others have, that this is the first time the House voted on any climate legislation and they did well.