Reason.com's Peter Suderman wrote a concise and spicy criticism of PolitiFact's choice for "Lie of the Year" for 2010 ("government takeover").
Read it all, but here's my favorite bit:
Nor do they mention that the PPACA sets up a system in which health insurers are regulated so extensively that they are more or less transformed into quasi-public utilities. The new regulations include a rule that caps administrative costs and profits as a percentage of premium revenue—a rule that pushes the boundaries of the government’s regulatory authority so much that the Congressional Budget Office has said that if the rules were any stricter, it would turn the health insurance industry into “an essentially governmental program.”
So no, it’s not a gub’mint takeover. It’s just pretty damn close.