The wonkish side of this debate on the Armenian genocide resolution has been well covered by our guest poster Kenneth, along with a vigorous discussion in the comment thread. So I'm just going to offer my personal opinion, which is I'm really glad to see the resolution is losing support and may never get to the floor.
I have the greatest empathy for the Armenian people but this is an old and ongoing issue and now is certainly not the right time to stir the embers of the smoldering tensions in the region with a resolution condemning an allied nation, particularly one so crucial to any potential resolution of the Iraq occupation. But beyond that, I'm not sure there's ever a right time for it. I've about had it with the whole resolution mania.
There's a lot of oppressed people in the world and if the Congress fritters away its time resolving to make political statements on all the misdeeds of other nations, there would be no time for anything else. They have already frittered away much too much time on this sort of meaningless posturing in the last few months. It's time for the "leaders" inside the beltway to stop resolving on minor distractions and start legislating on the major issues that confront us today. These endless resolutions are nothing more than a dodge to avoid doing the real work we elected them to accomplish.