No, the FAA did not hang back and for good reason. Here is the full letter of revocation:
http://stmedia.startribune.com/documents/cheney+emor_Revised.pdf?elr=KArks:DCiUHc3E7_V_nDaycUiacyKUUrLook at page 4 to see the most damning paragraph,
NW188 was without communication with any Air Traffic Control facility and with its company dispatch for a period of 91 minutes (not 78 minutes as the press was reporting) (over 1.5 hours) while you were on a frolic of your own.
A frolic. I do not believe anyone has ever seen such strong language in an emergency revocation order before.
...This is a total dereliction and disregard for your duties
The FAA is making it clear they will not tolerate this sort of thing. The current FAA administrator is Randy Babbit, who is a former Eastern Airlines pilot and former ALPA president. I believe he is marking his territory in no uncertain terms.
Keep in mind that these pilots' actions led to the scrambling of military fighters to intercept them and The White House itself had been notified of a wayward airplane. They were genuinely concerned that this airplane had been hijacked. Had the fighters been notified in a more timely fashion they would have launched and intercepted NW188. Those fighter planes were armed and they do have the authority these days to shoot down an airliner they suspect has been hijacked.
If NW188 had been intercepted, I just wonder if the flight crew would have looked up from their laptops long enough to even notice the F16's flying in close formation next to them.

In the end, these fellas got what they deserved. I feel bad for them, but man they really Screwed the Pooch that night!
RC