The Indy Star has laid out a decent defense of continual funding for the possibly doomed commuter bus lines. The main point of the article is that the region needs to fund permanent lines.
Permanence is absolutely critical, whether it be a Light Rail line or Bus Rapid Transit. One way to give riders a sense of permanence would by to transform the current park-and-ride lots in to Transit Oriented Development. Then the stations could at least contain a funding mechanism through taxes.
It would be a shame to see this reasonably successful venture fall by the wayside because we lack the vision and will to pull this off correctly.