The problem Ralph, is that any state law short of gay marriage means that the couple will still be denied federal benefits accorded only to married people. It's a catch-22: you can't get the state to approve gay marriage, but it will grant domestic partnerships all the rights of a married couple - but only within the state. The feds don't recognize domestic partnerships for things like social security, taxes, etc., and say that marriage is a matter left up to the states. The next step should be at the federal level to get all federal agencies to accord the same rights (and responsibilities) to state-approved domestic partnerships that it accords to married couples. Then, you'd be right, call it something other than marriage and it would be equivalent.
But I suspect by the time all this could be said and done, various states will eventually allow gay marriage anyway. It remains to be seen how Obama will deal with the issue. I suspect it's not at the top of his agenda, considering the economic crisis as well as the wars in Iraq and Afghanistan.