If (huge 'if') the Arab league got their air assets into place in time (another huge 'if') to have any effect, it would be interesting in the extreme to see them operate all that cool Western kit they (only ocassionally) fly.
Basil bin Fawlthy (Towers) versus Baldrick abu Blackadder would not be too far off the mark I think.
As others ahve said before me, since nothing but talk has been done to now, it's all but over for the rebels - un less a stray cruiise missile (deniable?) were to find its way into the rigfht compound in Tripoli and the right time.
If that little miracle were to occur, it would be a whole new ball game - which in my opinion, despite all their pious pontifications to the contrary, I really don't think any of the European political leadership want. A potentially radical Islamic republic immediately under Italy? They'd prefer Gaddafi with every wart in place to that.
The only winners out of this sorry situation will be Al Qaeda and the shadowy men who run the boats carrying refugees to Malta and Italy.