I'm afraid I don't subscribe to the whole "nobody in aviation should ever be prosecuted regardless of how negligent they were" attitude. From the information supplied, he was in command of an approach that was way too fast, and he would have known this. He ignored warnings from the aircraft and the F/O's request to carry out a missed approach. This is negligence, leading to the deaths of many people. There is no difference, in my opinion, to somebody driving at twice the speed limit and causing death to others in the subsequent crash.
Nobody should ever be penalised for making an honest mistake, but this accident was way more than that and it has to be shown that the (I'm the Captain and therefore God) attitude and lack of CRM displayed on this flight (and which by all acounts pervades Indonesian aviation in general) is not acceptable and will not be tolerated.
If anybody thinks he should not be prosecuted, ask yourselves if you would feel the same had a member of your family been killed on this flight?