I recommend Tim Padgett's piece "President Obama's Latin Challenge" in Time, which concisely sums up the U.S. response to the Honduran situation.
In particular, two key points:
Obama got off to a good start in Latin America, engaging leaders and
promising a new attitude from Washington. The problem with the shift on coups is
that Latin America now expects action to back it up.
In other words, money must meet mouth. Condemnation is nice, action is better. Second point:
Obama is stuck in the New World's new paradox. Latin America today is less
dependent on Washington, and less tolerant of its interventionism, than it has
been for decades, thanks to the counterweight of rising star Brazil and the
anti-U.S. gospel of Venezuela's oil-rich leftist President, Hugo Chávez. Yet for
all that newfound self-reliance, Latin America still looks to the U.S.'s
superpower leadership to put the squeeze on rogues like the Honduran coupsters.
No other force in the western hemisphere, not Brazil, and certainly not the
Organization of American States, wields the requisite economic and diplomatic
clout to resolve the standoff.
On the latter point, however, I would add that Latin American political actors have barely tried. Unified clout could have an effect, but after the first week or so no one bothered to try anymore.