You might be interested: Ashtekar's latest paper offers a critique of LQG pointing out "rough edges" where things don't fit together smoothly, and then goes on to reformulate LQC along the lines of the new spinfoam model. I regret to say his critique of the current state of LQG does not directly address the questions you have asked in this thread, but it does provide some account of the parts of the theory that need the most work.
==sample quote from Ashtekar's latest paper, pages 3, 4==
...Furthermore, one can regard these SFMs as providing an independent derivation of the kinematics underlying LQG. The detailed agreement between LQG and the new SFMs [28, 29] is a striking development. There are also a number of results indicating that one does recover general relativity in the appropriate limit [32, 33].
Finally, the vertex amplitude is severely constrained by several general requirements which the new proposals meet. However, so far, the vertex amplitude has not been systematically derived following procedures used in well-understood field theories, or, starting from a well-understood Hamiltonian dynamics.
Therefore, although the convergence of ideas from several different directions is
impressive,
a number of issues still remain. In particular, the convergence is not quite as seamless as one would like; some
rough edges still remain because of
unresolved tensions.
For example, the final vertex expansion is a discrete sum, in which each term is itself a sum over colorings for a fixed triangulation. A priori it is somewhat surprising that the final answer can be written as a discrete sum. Would one not have to take some sort of a continuum limit at the end? One does this in the standard Regge approach [30] which, as we indicated above, is closely related to SFMs. Another route to SFMs emphasizes and exploits the close resemblance to gauge theories. In non-topological gauge theories one also has to take a continuum limit. Why not in SFMs? Is there perhaps a fundamental difference because, while the standard path integral treatment of gauge theories is rooted in the smooth Minkowskian geometry, SFMs must face the Planck scale discreteness squarely?
A second potential tension stems from the fact that the construction of the physical inner product mimics that of the transition amplitude in Minkowskian quantum field theories. As noted above, in a background independent theory, there is no a priori notion of time evolution and dynamics is encoded in constraints. However, sometimes it is possible to ‘de- parameterize’ the theory and solve the Hamiltonian constraint by introducing an emergent or relational time a la Leibnitz. What would then be the interpretation of the spin-foam path integral? Would it yield both the physical inner product and the transition amplitude? Or, is there another irreconcilable difference from the framework used Minkowskian field theories?
There is a also a tension between SFMs and GFTs. Although fields in GFTs live on an abstract manifold constructed from a Lie group, as in familiar field theories the action has a free part and an interaction term. The interaction term has a coupling constant, λ, as coefficient. One can therefore carry out a Feynman expansion and express the partition function, propagators, etc, as a perturbation series in λ. If one sets λ = 1, the resulting series can be identified with the vertex expansion of SFMs. But if one adopts the viewpoint that the GFT is fundamental and regards gravity as an emergent phenomenon, one is led to allow λ to run under the renormalization group flow. What then is the meaning of setting λ = 1? Or, do other values of λ have a role in SFMs that has simply remained unnoticed thus far? Alternatively, one can put the burden on GFTs. They appear to be efficient and useful calculational schemes. But if they are to have a direct physical significance on their own, what then would the gravitational meaning of λ be?
Such questions are conceptually and technically difficult. However, they are important
precisely because SFMs appear to lie at a junction of several cross-roads and the recent
advances bring out their great potential. Loop quantum cosmology (LQC) provides a physi-
cally interesting yet technically simple context to explore such issues...
==endquote==
http://arxiv.org/abs/1001.5147