I'm a fence sitter on this one. I like the idea of Americans getting a few more holidays. We work very hard and play very little, so any extra time off is good time.
However, to celebrate Columbus Day really seems a little silly. If we claim we are celebrating it because it was when "Columbus discovered the new world" we know that is wrong because there are many instances of others crossing the Atlantic (or even the Pacific!) to get here before Columbus.
In some cities, that day is called "Italian-American Day." This is also silly. I don't care if one ethnic group feels they need to be singled out and celebrated. This holiday usually corresponds with Columbus day, though. Columbus was barely Italian. He hated Italy and had few friends there. (Remember from 3rd grade social studies that he had to go to Queen Isabella of Spain to get the cash for the trip because Italy wanted nothing to do with him?).
I say we just need another day or two off. It doesn't matter why. I propose "Office Ditch Day" - it would be like the senior ditch day we had in high school, except there would be no seniority system for taking off. We just do it once a year.