Roddy Bullock writes an insightful article on the topic of theistic evolution here. I also have my doubts about theistic evolution, since it seems like an untenable compromise. To hold consistently to theistic evolution means to abandon central beliefs in either theism or evolution. My general experience is that it leads to a deistic position on the religious side, or an intelligent design argument on the origins side.
I agree with Roddy that it obviously dilutes God to hold a compromise position. What he does not clearly illustrate is how his position, that of ID, necessarily leads to theism. Maybe it just was not within the scope of this article, but I do think that one could present a stronger alternative argument.
Still a good article, nonetheless and a good read.