I wasn't crazy about the idea, but when the Arab League backed it I was somewhat mollified (and pretty much assumed that it was inevitable).
It'll be interesting to see who gets to enforce it. The nearest US carrier is in the Red Sea, and can't do it without flyover permission from Egypt. The French have a Harrier/VTOL carrier in the Med, and the British have a Helocarrier nearby, but neither is ideal for air-to-air combat against dedicated fighter jets.
Qaddafi should do some good speechmaking tonight.