Most of the intitial reviews of he plan have been negative. Prof Thoma rounds up more reviews from around the economics blogs. Some are actually not so bad, and still seem fairly sane and informed (though I disagree with them).
Thoma also presents an interesting idea for add-ons that might reduce what now appear to be big opportunities for taxpayer subsidies of bankrupt banks -they might be good things to press for if the plan cannot be stopped, but can be made better.
However, to the extent that Ian Welsh (http://shadowproof.wpengine.com/2009/03/21/what-geithners-talf-plan-teaches-us) is correct that this is more "bubble management" -well that part of the plan is bad and hard to see how any real improvement could be made to that kind of badness, regardless of whether it includes taxpayer bailout for bank losses or not.