Engine cranks, but no fire

Hello, I have a 1996 SL2 DOHC which until a few days ago started right up. The other morning, got into it, and it now will not start, it will turn over and try to catch (you know, cough... cough.. sputtter, but no fire). The fuel pressure at the test port is 45PSI, the battery is good, the "service" light goes out but the "service engine soon" light stays on. When it trys to fire, it sounds like a mistiming, but I just don't know... maybe the timing chain? Any suggestions, anyone?
Thanks,
Terry

plugs firing? pull the wires off the coils and have a second person try to crank the engine. you should see a spark jump tower to tower

Thanks. That's quite a spark to jump several inches, I'll give it a try tomorrow.