For those who feel the need (I know, "it is the politically feasible thing to do") to keep the private for-profit insurance companies in business, and allow people to keep what they have if they prefer, but also offer the strongest version of public option, there has been a better bill available all along:
Representative Pete Stark's (chairman of the House Way and Means Health Subcommittee) H.R. 193, The Americare Health Insurance Act.
This proposal, unlike that of Obama/Baucus/Kennedy actually controls total costs while getting to truly 100% universal coverage, according to independent analysis by the Commonwealth Fund and Lewin Group. It is public option on steroids and single payer lite: The gist is that is expanded and improved Medicare for all, but you can keep the health insurance you have if you prefer. Unlike the public option proposals that the beltway insiders have decided to put forward, it really would be competetive with private insurance, and a chance to evolve into true single payer with the benefits therein.