Joe Romm`s defense of Waxman-Markey against climate scientist James Hansen (who prefers rebated carbon taxes and a faster phase-out of coal) is effective and worth a read.
Notably, however, Romm makes no attempt to justify all of the pork now in the bill, including the huge subsidies to coal (Congressman Ed Markey: "We have in huge subsidies for clean coal. Huge. Much more than we have in for renewables."), which are one of the reasons why Greenpeace has wtihdrawn its support for the bill.
Hope springs eternal that Rob Bradley, in his "free-market" MasterResource energy blog, his Institute for Energy Research or their more blatant PR arms like "grass roots" American Energy Alliance (or side-kick Bob Murphy) will criticize past or ongoing rent-seeking ("political capitalism") by King Coal, but so far it looks very much like the piper is calling the tune - to the extent that Rob Bradley bans commentators who note the lack of balance in the application of "Principled Entrepreneurship" (which Bradley has trademarked!).