A faculty member here attended a conference at which Hsiang (sp?) spoke, and later related his impressions to a class I was taking.
He seemed skeptical of Hsiang's proof, but believed that it could be correct. He remarked that since the theorem is widely believed to be true, the proof itself is the object of interest here. (As opposed to the truth or falsehood of the theorem.) Hsiang's proof has huge gaps in it, which Hsiang seemed able to fill if pressed.