I'd prefer the option of putting some of the money in private accounts. It makes sense, why limit returns? The average return with Social Security is 2%, which in many cases isn't even enough to keep up with the inflation rate. Even if you go with something risk free, like government bonds, the return rate is historically double that, around 4% at least.
The Presidents plan seems to be VERY popular with younger workers (early 20's to mid 30's). Almost everyone I know in that age range loves the idea and is pulling for it to happen. Even people in their 40's and 50's I know like the idea. Sadly many seniors believe the mantra that Bush is trying to take your Social Security check away, which is 100% false. The program is totally optional, if you like the current system you can stay in it. For those who want some options however, I think it's a great idea.