Dont think the point is what he should do; million dollar question is what he will do?
My fears are:
CJ Iftikhar Chaudhry is indebted to Nawaz Sharif and being a mortal enemy of Musharraf, he will embark on a vendetta against Pervez Musharraf and indirectly against Zardari. If he declares ordinances passed by Musharraf as unconstitutional (in other words illegal) Zardari is a goner and we can expect NS as PM of Pakistan with CJ himself as President after he retires from office.
We have seen a detailed report of the previous bench of Judges explaining why they disqualified the Sharif brothers. We will see that verdict overturned but without any detailed explanations.
In his previous stint as CJ, Iftikhar Chaudhry made a joke of Suo Motto powers, taking notice each time GOP issued an order which he did not like. He also made a mockery of the CJ's protocol; wasting time of senior police officers by ordering them to stand by wherever he went. He was also guilty of using his position as CJ to help further his sons career, no different from what Justice Hamid Dogar has been accused of. He also ordered the release of hundreds of suspected terrorists (who knows how many of these were involved in subsequent suicide bombings) and Lal Masjid/Jamia Hafsa to be rebuilt and handed back to the same administration so that lathi wielding burqa clad females can start all over again.
I have seen many posts which imply that his reinstatement is a panacea of all that ails Pakistan including the economy. In actual fact nothing will change and things will go as before; only with different faces on the powerful positions as happened with the removal of Musharraf and installation of Zaradri in his place.
CJ has gained a lot of stature and respect by his stand against Musharraf; I sincerely hope that he doesnt spoil it all by reverting back to his old ways. However, leopard doesnt change his spots; I personally have little hope of any thing good coming out of this or any noticeable change in the law and order situation or anything else for that matter. Except a repeat of the same vindictive attitude by him and by his cronies such as Khalil Ramday.
Only the time will tell and for the sake of Pakistan, I sincerely hope that I am proven wrong.