From Greg Abbott's Facebook page:

Just got off the AG conference call. We agreed that a multi-state lawsuit would send the strongest signal. We plan to file the moment Obama signs the bill. I anticipate him signing it tomorrow. Check back for an update at that time. I will post a link to the lawsuit when it is filed. It will lay out why the bill is unconstitutional and tramples individual and states rights.

As I noted in an earlier post, this lawsuit is step one. Step two must be an effort by the legislatures of the several States to call a Constitutional Amendment under Article V of the US Constitution, so as to ram a stake into the heart of this monstrosity. And, of course, we must take the third step at the ballot box in November, voting out every single Democrat possible, at every level of government.

UPDATE: Malkin has more on state lawsuits.