“I rise today in opposition to Obamacare,” Cruz said upon being recognized for what essentially amounts to little more than a very, very long speech. The speech is not formally considered a filibuster in the sense that it is not being used to hold up legislation, per se. The Senate will still proceed with a vote on Wednesday to take up legislation to fund the government (and defund Obamacre) passed last week by Republicans in the House.
And as Cruz spoke, Reid aide Adam Jentleson tweeted that the Republican "pre-negotiated the terms of his #fakefilibuster with Senator Reid yesterday. Not exactly a Mr. Smith moment."