I'm skeptical of any argument that attempts to explain consciousness, because there is no clear definition of what people mean when they use the word consciousness.
I'm currently taking a class taught by Marvin Minksy at MIT known as Society of Mind (named after his book), in which he addresses consciousness as a suitcase word which people use to represent a million different things that we don't have words to properly explain. This makes sense to me.
I highly doubt there is or will ever be a single theory that correctly explains consciousness, but rather there will be lots of different reasons for why we experience different feelings and awareness's which sum to what we consider consciousness.