I, sadly, am for it.
IMHO, it is a slap in the face (that you can feel all the way down to your wallet) to the people who bought within their means, didn't gamble with the real estate market and generally are able to take care of their responsibilities.
That being said, I do not believe the market will regain any strength until the foreclosed and near-foreclosure properties dry up. Right now, that's a source of stupidly low priced homes in many areas and it will continue to be the case until people stop losing their homes to the bank.
Life isn't fair. Hell, we're (many people on this forum) already responsible for 80% of the nation's tax revenue to take care of government spending we really don't benefit from (I am targeting the social programs only in this statement).
With the bailout, I see the government stepping in and offering assistance we (well, taxpayers / homeowners) will actually benefit from.