The United States, Britain and Italy are a day late and a dollar short with respect to Libya. The situation is way out of control and the use of military at this point almost guarantees additional Libyan deaths. The best move at this point is freezing Gaddafi's assets (which the Swiss have already done) and getting the Saudis to make good on the promise of offsetting the oil that was coming out of Libya. Protesters (can we call them freedom fighters or rebels yet?) have taken control of Benghazi and eastern Libya vowing to never allow a return of Gadaffi's rule. The colonel is now reduced to offering bribes to keep people loyal. The bribes likely won't work since his assets have been frozen. At this point in the situation, letting Gadaffi burn himself out and supporting the protesters seems a more viable solution to military interdiction.
Obama End Libyan Slaughter (opinion)