The key word here is good. We already have many guest worker programs. I think you and I would agree on many points about what such a program would be, but not only do we still have huge problems with visa overstays (as you noted), but I see anchor babies as another force that will produce more leftists voters in the future.
Also, I object to the tendency of guest worker proposals to include a "path to citizenship" built in to the program. IMO such a program would also accelerate the increase in future Dem (or worse) voters.
Nor do I think that a massive "round up and deport" program would be the best way to reduce the number of illegals, but I do think they should be deported when they are caught in workplace enforcement. Napolitano (and I assume Obama too), however, believes in releasing them and giving them work permits.
I thought the Canadian version was pretty good. They sign up companies ahead of time, they bring in immigrants who meet hte needs of the companies, and the companies put up the money for the plane tickets home at the end of the term.