Austen Ivereigh article in The Guardian on why the Strangers proposal makes sense.
Regularisation is the humane and practical solution. Combined with border-enforcement measures, such as those the government is bringing in at the moment, and measures to shrink the shadow economy, it helps to deter further illegal immigration. Such is the experience of Spain, which regularised 600,000 people in 2005 as part of a package of reforms which included tighter borders. Numbers entering Spain between 2001 and 2004 were considerably higher than those that have entered since. That's why, in the United States, regularisation is backed by those who favour more restrictive immigration measures. It enables immigration authorities to concentrate on those who intend to break the law rather than those whom the law is breaking.
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