Cap and Trade: Good or Bad?

I've been changing my mind about Cap and Trade some since I discovered it seems to have worked when it was applied to Sulfur Dioxide emissions which were causing acid rain.

Possibly one current advantage is simply that since it has been done, doing it again is understandable. Possibly this would explain little apparent movement of the stock prices, as if there is little fear associated with it now among those companies concerned.

Who knows, maybe since there seems to be little left in the way of a US manufacturing base already, its moot.

Then again maybe the energy companies just figure it will allow them to raise rates, and therefore from their point of view fine. - I'm figuring the way this might hurt manufactures is to increase costs for energy...

Cap and Trade may well be preferable to simple tighter regulations by creating a market that otherwise would not necessarily exist?