Is BP putting its money where its mouth is?  We'll see.  As a lawyer that handles claims all the time, what is important is NOT that money is being reserved, or set aside, but instead whether claims will be quickly, properly, and fairly administered and paid.  Interestingly, "The fund will be controlled not by BP, but by an independent, third party...."  Attorney Kenneth Feniberg is supposed to be "in charge" of the fund, whatever that means.  Here's a bio on Feinberg from his firm's web site:

Kenneth R. Feinberg has been key to resolving many of our nation's most challenging and widely known disputes. He is best known for serving as the Special Master of the Federal September 11th Victim Compensation Fund of 2001, in which he reached out to all who qualified to file a claim, evaluated applications, determined appropriate compensation, and disseminated awards. Mr. Feinberg shared his extraordinary experience in his book What Is Life Worth?, published in 2005 by Public Affairs Press. Just a few years later, Mr. Feinberg became Fund Administrator for the Hokie Spirit Memorial Fund following the tragic shootings at Virginia Tech. Mr. Feinberg also has served as Special Master in Agent Orange, asbestos personal injury, wrongful death claims, Dalkon shield, and DES (pregnancy medication) cases.

Clearly, this guy has a lot of experience with mass tort/accident/injury situations.  Let's see if he can get it done.  In the meantime, the oil continues to fill up the Gulf.  Ugh.