I think lots of us have this question in mind as well, how to become actually legal (residents and in the future citizens). I feel that we are in a bit of grey area if we just keep renewing our work authorizations.
In my college I saw a few international students apply for a type of work permits called OPT (something like optional practical training). If they find a job that wants to keep them for a while, they are then able to apply for H1B visas (work visas) and after a year or two if they find a job that wants to hire them permanently, they are able to apply to for residency. In doing so, the employer will be sponsoring them through the whole process.
I wonder if this will be a possibility for us. It is still a long process, but it could be an option to the dream act in case it doesn't pass.