Replacing the Kyoto Protocol

What progress have nations made to deal with the gap that will soon be created with the expiration of the Kyoto Protocol in 2012?  Debates are currently going on to decide what restrictions will be in a replacement agreement.  A draft climate treaty was issued in Bonn, Germany, introduced by Zimbabwe’s Margaret Mukahanana- Sangarwe. 

Some of the requirements will be that nations reduce emissions by 25 percent to 40 percent by 2020.  It will also eliminate a prior option of keeping temperature gains to 1 degree Celsius, and require 1.5 or 2 degrees.  Quamrul Chowdhury, the envoy for Bangladesh, stated recently at the recent meeting in Bonn that, “The text is really watered down, and it’s biased against the least developed countries.”  The document is still open to changes.  This document is intended to aid discussions leading up to an actual treaty, and is by no means a final version.  An actual treaty is unlikely to be completed before the end of 2011, according to UNFCCC chief, Yvo de Boer.
Some, after seeing the intense arguments occurring over the creation of a new agreement, are requesting that Kyoto be extended, instead of replaced.  These proponents feel that rich countries want to let the Protocol expire, since they are not giving it their strongest possible support.  Many nations are also trying to put in a series of loopholes in the new treaty that is created, which would allow countries to escape making the deep cuts.  Which of these two options will work out best for the world, creating a new treaty, where they can make up for the faults of Kyoto and make a new start, or extend Kyoto while they work on the creation of a new treaty?
As talks continue, more definite decisions have to be made, to decide which of these two options seem more viable for countries to go forth with.