BREAKING: Latest BP well containment attempt a failure?

Bloomberg is reporting that the latest attempt to abate much of the gusher has failed, and there's nothing to do but wait until the relief wells are complete, sometime in August.

On the slightly brighter side, other news outlets are still reporting that the latest 'great idea' is merely stalled.

From that last link:

"The slick from the crippled well has now drifted within striking distance of beaches on the Mississippi, Georgia and northwestern Florida coast."

 Here's an idea: If we can't solve a well failure like this, maybe we shouldn't be drilling at such depths? At all?
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UPDATE:

Bloomberg is too early on the call. The gusher may be mostly capped in the next 24 hours.