As a result of the disaster in Massachusetts, no legislation can pass the senate with 60 votes. This, I believe, will wind up being a very positive thing.
The "ping-pong" gambit is unlikely to fly: The House will most likely balk at passing the Senate's bill as is -- unless the House is offered a quid pro quo: A promise of remedial legislation to be passed by reconciliation over the coming few months to improve the package.
But if we're going to go that route.... there is no reason, no reason at all, none, not to add back in the public option. This is the huge, number 1 difference between the two bills. It's a budgetary item, so it fits the reconciliation process. It has the support of a majority of Senators, the support of the public, and the support of the majority of the House, as well as of the leadership of both chambers. It has the support of the President. It will lower the cost of the health care bill, and will get great marks from the CBO. Once we're in reconciliation territory, it's a no-brainer.