If Obama issues an executive order, it'll only last until the next president overturns it.
Say like Obama loses the 2012 election and a Republican President gets elected, we'll be all screw because the Republican president could overturn the executive order. Furthermore, if everyone registers for temporary protected status given by Obama, the Republican president now has record of every freaking undocumented immigrants in America. This information will definitely help FACILITATE DEPORTATION of everyone.
People, you shouldn't be myopic and ask for an executive order from Obama. The best thing is CIR from Congress.