The Democrats’ latest thinking on the promise and peril (emphasis on the latter) of reconciliation (emphasis added):

But a Democratic source familiar with the meeting said there was quite a bit of discussion about reform, largely running over well-worn ground. Specifically, Democratic leaders and the president discussed whether Senate Majority Leader Harry Reid can wrangle 51 votes for a reconciliation bill — a decision he hopes to make next week. Pelosi expressed frustration with the pace of progress and the president’s decision not to weigh in publicly on a way forward, according to the source.
Perhaps more interesting was the discussion about whether Dems should try to pass reform using reconciliation. There is a concern that the maneuver will be viewed by the public as an attempt to change the rules mid-game, which could hurt Democrats politically, the source said. And reconciliation would require the same kind of dealmaking that Democrats used to pass the Senate bill — deals like the so-called Cornhusker Kickback that further soured the public on reform. It’s a concern that moderate Democrats have expressed for weeks, especially as many Americans view the Massachusetts election as a repudiation of health reform.
All those factors line up in the Republicans’ favor, which means the public is sure to hear all of them repeatedly should Reid take a reconciliation bill to the floor.