The worst part about the filibuster compromise (pdf) is that Janice Rogers Brown gets confirmed to the DC Circuit. That's especially bad for a couple reasons: 1) The DC Circuit is a reasonably moderate one, with some progressive hints. Now, it's going to be significantly more conservative. Priscilla Owen may be just as bad on many issues, but the 5th Circuit was already a lost cause. 2) Brown seriously raises the bar as to what can be counted as "extreme" or "extraordinary" cases, those which would allow those signatories to break their pledge not to support a filibuster. If Brown doesn't count as extreme, who does?
I still think Bush will pick a Dobson-loving Supreme Court nominee for a vacancy (maybe not the first), and dare Democrats in this group to break ranks. If he doesn't, then this deal really is a good one.
Other than that, my instinct is that the deal is craptacular, that we were close to having the votes to defeat Frist today, and that even if they won it would have caused them great political damage that may have overcome whatever judicial appointments they were able to make. But there's no way to know.
To read other perspectives:
Jeralyn at TalkLeft (part 1; part 2)
Matt Yglesias (with caveats)
Kos (part 1, part 2)
Josh Marshall (with caveats)
Josh also points out that we can at least enjoy the steam coming out of the ears of both Gary Bauer and James Dobson. But the last laugh has not yet been had.