The Good News: At last, we finally have a concrete proposal on healthcare reform from the GOP. Criticism of Obamacare has often been hollow due to the GOP's lack of their own plan to promote. Also Rep. Ryan's plan hits at the heart of America's growing deficit problems by actually addressing Medicare, Medicaid and Social Security reform. Moreover, Ryan's plan would substantially reduce American's national debt by getting the government less entangled in healthcare.
The Bad News: Ryan's plan has virtually no bipartisan appeal, which means that it is "dead on arrival" when formally introduced to congress. Furthermore, Ryan has played perfectly into the Democrats plan by promoting a plan that is too extreme for the general electorate. Yes, it does solve our budget crisis, but the plan is too easily criticized and maligned by the Dems for it to receive widespread support. Democrats are already calling the plan "the end of Medicare," "privatizing Medicare," "increasing healthcare expenses on the average Joe," "a plan where the elderly force the young to pay for their care when the young will have to pay for their own care," and "the repeal of patient protections provided by Obamacare." Also, there is a problem where the private insurance companies may not want or accept the elderly on their health insurance plans due to their much higher costs/risks.
Let's remember that Newt Gingrich virtually assured President Clinton a second term when Gingrich attempted to cut Medicare.
The Punchline: Romney would be wise to distance himself from Paul Ryan's plan. The plan will appeal to the Libertarian/Tea Party types, but will not be popular among the much larger general electorate.