I think Frist's bill is a very good "compromise" bill. It lands between Kennedy-McCain and 4437--only far closer to 4437.
If the Republicans had any backbone at all, I think their strategy should have been to force 4437 through, and when they met opposition, to offer up Frist's proposal.
That at least gives us no amnesty (or amnesty by another name), a fence, increased number of border guards, and fines against employers who hire these criminals.
HR 4437 is alive and well. The way I see it, its the intention of Congressmen Sensenbrenner, Tancredo and other GOP House members to push for its passage in joint committee session with the Senate. There should really be two separate bills. One for border enforcement/employer sanctions. The other for a temporary foreign worker program.