The whole thing makes me angry, and I can see why it often takes an accident (LAX 727 for TCAS etc) to force changes to the industry. As mentioned before the fact that the crew we instantly dismissed is mind boggling. They screwed up, but they also just managed to save the aircraft and passengers. More important than pointing fingers would be to have a discussion like there is above about how to avoid this happening. Its already been suggested that they crew should be used for their experience to construct a system to avoid this sort of thing, and that sort of pro-active response would seem logical to me.
When the airline has a PIC with 3.5 hours sleep to their name there are more at fault than the crew (despite this being common from what I hear).
I know that if I had a problem in my infinity smaller/slower/easier Piper Arrow and I'd only slept a couple hours it'd quite possibly end poorly.