What are the pros and cons of the "compromise" on judicial filibusters? The only benefit from a Republican point of view that I can see is that should they ever find themselves in the minority again they may have recourse to the filibuster, but this is bitter solace. If it's wrong for the Democrats to filibuster judicial nominees now it would be wrong for Republicans to do so in the future.
The liabilities, however, are several. It's now almost certain that at least two of Bush's nominees will not be voted on by the senate, which is a gross unfairness. Every nominee deserves a vote. That should have been a non-negotiable principle, but McCain, Warner and the other Republicans caved on it.
There is still the possibility that a future nominee will be filibustered and that the Republicans will invoke a rule change, but after this deal it becomes psychologically more difficult to pull that off.
Moreover, by kicking the can down the road, the Republicans have risked serious difficulties after 2006 should the Democrats pick up a couple of senate seats in that election. They still wouldn't be in the majority, but a gain of a couple of seats would make a rule change much more difficult to pass were it to become necessary, which it almost certainly will.
The Democrats managed to out-maneuver the doppy Republicans yet again. The Dems have essentially given up nothing that they wouldn't have lost anyway and have effectively secured a Republican promise that the GOP will not prevent a filibuster on the two nominees the Dems feel they can safely oppose without looking bad in the eyes of their constituents. This deal is not a compromise. The Republicans gained nothing, and the Democrats get to block at least two of Bush's nominees.
In my humble opinion, John McCain has just forfeited his chances of gaining the Republican presidential nomination in 2008. Bill Frist, I think, is relatively unscathed. It's true that he appears ineffective in being unable to impose party discipline on the moderates, but his opposition to this "compromise" will work to his advantage with the Republican base in the 2008 primaries.