Bankruptcy would be the best thing for GM right now. They need to change their business model to be able to survive in this day and age. All the legacy costs and redundancies built into their labor contracts have kept them from being truly competitive for years. Bankruptcy worked for many of the airlines, and while that's apples and oranges to a degree, I think the alternative, i.e. continuing to subsidize GM and Chrysler with our future (taxed) earnings, is an exercise in futility.
I've driven GM cars and SUVs for almost 30 years. I've owned a few other marks too, but I've always been a fan of quite a few GM designs. I'd still rather drive a '67 RS Camaro than any other vehicle. (OK, I really want a new Jeep Wrangler too. I miss my CJ7!) That being said, I'd rather the whole company sank than see my childrens' future mortgaged so that GM can survive.
I hope this wasn't too political.