Pretty much a clusterfuck. There really aren't good options, just varying degrees of terrible. I saw an interesting analysis of Syria's moves and they way they'd used the chemical weapons threat to essentially earn carte blanc to kill people. It went something like this:
They've got chemical weapons, and everyone knows it. About the same time that they're getting a lot of heat for massacring people, they make a statement about securing those weapons against the rebels, never using them against their own people, but possibly against an outside force. So now everyone is talking about the chemical weapons and how it would be a "red line" blah blah blah... meanwhile Syria can keep killing people via conventional weapons and no one will bat an eye.
They also did some clever things like releasing a bunch of islamist terrorists from prison so that they could join and discredit the opposition.
If the international community was going to do anything about Al-Assad, they needed to do it over a year ago, when the opposition was still mostly free of Al Qaeda and associated terrorists. At this point, I'm not sure that any of the options involving outside intervention are actually better than just sitting back and letting it burn for a generation (or three) until they decide to stop killing each other.