Umm, No

From the Chicago Tribune: A bipartisan group of senators has agreed on a plan to grant legal status to most of the estimated 11 million illegal immigrants in the U.S., which could form the basis for a far-reaching overhaul of immigration laws this year....
The Senate proposal would allow most of those in the country illegally to obtain probationary legal status immediately by paying a fine and back taxes and passing a background check. That would make them eligible to work and live in the U.S. They could earn a green card — permanent residency — after the government certifies that the U.S.-Mexican border has become secure, but might face a lengthy process before becoming citizens.
Obama is expected to push for a faster citizenship process that would not be conditional on border security standards being met first. The structure of the citizenship process will probably be among the most hotly debated parts of any immigration plan.
Less-controversial provisions would tighten requirements on employers to check the immigration status of new workers; increase the number of visas for high-skilled jobs; provide green cards automatically to people who earn master's degrees or PhDs in science, technology or math at U.S. universities; and create an agricultural guest-worker program.  http://www.chicagotribune.com/news/chi-immigration-overhaul-plan-senate-20130127,0,2389328.story
First, this only involves 8 senators out of 100, so it may be bi-partisan but it is hardly a majority.
I certainly have no problems with forcing employers to verify immigration status and allowing highly qualified immigrants into the country to take jobs that are unfilled because Americans don't have the proper training, experience or education. As far as the educators are concerned, I would lower it to the high school level instead of college.  If farmers cannot find workers to work the fields, sure, bring in the workers, if they couldn't find Americans to do the work.
But, other than that, this is a very stupid idea.  Very few illegals are going to pay a fine and pay back taxes.  Many of illegals barely survive now because we have seen an exodus of illegals leave the country because of the bad economy, so the remaining ones are going to pay a fine or taxes?  Unless the government is going to crackdown on the illegals if they don't go through the process, then why should they try to become citizens?  What incentive is there?
As I have said before, they way to solve the illegal immigration problem is to do the following:
Deport those who:
1. Violate the law, other than very minor traffic offenses, like illegal parking, they should be deported, no questions asked.
2.  Those who are receive any public assistance such as reduced/free lunches for the kids, welfare, food stamps, Section 8 housing etc.
3.  Deport those who receive free medical care at hospitals- stabilize their illnesses and/or injuries and then send them to their home country to receive further treatment.
4.  Mandate employers to do residency checks on employees- all employees.
If you do these items, you will reduce illegal immigration problems to where it is manageable.