1) It's not likely to happen today. I would guess Tuesday, because Cheney is generally at Congress to attend the Repubs weekly caucus luncheon on Tuesdays. But it's just my _guess_ - Frist could let the debate go on longer.
2) Yesterday Senator Schumer held a conference call with some bloggers to talk about the issue. Here's what he said would happen if the n.o. is exercised:
Some Dem bloggers were on a conference call with Senator Schumer a little while ago, this except is from "Seeing the Forest"s account of the call:
"In response to a potential loss on the "nuclear option" Democrats are "not going to slow down the Senate, nor bring it to a grinding halt. They will use every senate rule they can to wrest the agenda from the majority. In the past it is comity that ..." and here he was called to the Senate floor, but he was going to say that as part of the traditional comity of the Senate the Minority party allows the Majority to set the Senate's agenda, and that will cease and the Democrats will start introducing their own agenda items, such as raising the Minimum Wage, and force the Republicans to a public vote on such bills as the Democrats have written them. What this means is that any talk you hear from The Party (my term for the Republican Party and all of its tentacles of propaganda and control: think tanks, Fox News, Limbaugh, etc.) about "obstruction" is just another lie. (Yes, Virginia, they lie.)"
Here's a link to some of the bloggers' links after the call, in case you want to check out what they had to say
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=1791727&mesg_id=17918923) I don't know. Would the Dem senators put it back in, if they could? I don't know. I read one article yesterday that said that what the Repubs are planning on doing is having the filibuster on judicial nominees declared unconstitutional. If that is what happens, I'm not sure it could be put back in. If the Repubs succeed is getting away with it by just declaring that they are changing a precedent, I don't know how you can re-institute precedent.
Good question. Maybe other folks have an answer.