Would congestion pricing significantly reduce amount of traffic? I quite doubt it. People are willing to stay extremely long in the traffic, a few extra dollars of congestion charge on top of that won't make much of a difference, and cost of operating the scheme would be enormous.
Unless the congestion charge is really extremely high, like $100 a day, that would probably work well enough to reduce traffic, but it's unlikely they'll ever do that.
Yesterday I heard an interesting story on the radio about US President Obama's pick to head the Office of Information and Regulatory Affairs, Cass Sunstein. I recommend checking out the story, but here are a few key excerpts.
At the risk of starting a discussion that will be wrecked by political wrestling, I'm always hopeful when I hear about governments applying what we learn from science to policy. Not to say that this always generates good policies, but it does generate the best policies we have reason to believe will be good (so long as you ignore the issue of actual politices that might get in the way).