The problem that I have with the fund is that the government cannot legally take that money without due process of law (ie: going through the courts). IMO, it sets a bad precedent to have the government step in and (without any law or precedent to back them up) say we are taking 20 Billion and we will be giving it to those affected when BP was already paying out as they have been asked to.
The only issue that I have heard was that BP wasn't having a fast enough turnaround time for claims, but when they are doing something that has NEVER (AFAIK) been done before, I am not surprised that it takes some time to get into the swing of things and get the needed processes setup. IIRC, the new person in charge said that it will take him 30-60 days to get things changed and working smoothly.
Aaron Z