Guys, I am no big fan of the EPA but calling for blood from them on this one is no better than what they do.
I just want the feds to hold themselves to the same standards as similar private industries. No less, no more.
As far as effects go, just because something looks really bad and ugly doesn't mean that is. Not all toxic sludge is created equal and since we don't even know what is in it (thank you EPA), no one can really predict the damage. For example, residents around Dillon Lake in CO used to hate it when the lake would turn after ice off because all the sludge from the bottom would come up to the top due to thermal gradients and make the lake look like pea soup. Lakes are supposed to do this; its important for redistribution of nutrients and oxygen. But since it "looked" bad either the town or the county treated it one year to kill the algal growth and it screwed the whole system. That was at least 15 years ago and I don't know that it ever really came back.
I also remember an expert (a Ph.D. aquatic ecologist like myself) say that the BP spill will be "the worst ecological disaster of our time." Really? If you lost your livelihood, then fair enough but, on a larger scale, compared to what we think happened to the dinosaurs or all the critters that had to deal with the last ice age, I don't think so.
Unless there are copper and zinc ions (classic mine waste synergistic toxin) in high enough concentrations (after dilution in the river), then there are certainly worse things that could have happened, I do not know but I suspect after a week or the first big rainstorm, there will be little or no evidence of the spill.