If you think he's going to veto this, you're naive beyond description.
I used to defend him like you do. Then he got re-elected.
His number one priority is eliminating our borders. Why, I have no idea, but there it is.
He has NO intention of "eliminating our borders and never has. I don't like the guest worker program any more than you do, but if the border is sealed, we speed up and expand deportations, and hammer the employers, then I can live (barely) with some sort of temp worker program.
Here is the President's plan:
http://www.whitehouse.gov/news/releases/2005/11/20051128-7.html