Doesn't an "option" mean that you don't have to do it if you don't want to? Also, if the government "can't do anything right', then wouldn't the public option just "hang itself" in the end anyway? I don't see why it's not worth a shot.
Personally I consider a government option as competition and we all know that competition benefits consumers. I'm all for it since if you leave it to private profit run insurance companies, they will screw you everytime.