The assumption here is that simply because a being is conscious, it is therefore special. Let's take away that assumption, and then work forwards. Of what significance is consciousness?
But 'slaughtering' misses the point. Nature is constant slaughter. Despite what we think of nature as being a cuddly, friendly thing, the animals in nature are locked in a literally deadly battle. The reasons why herbivores generally startle so easily is because if they don't, they die, and die horribly. We think it's cute, but it's literally there to keep them alive.
The issue isn't 'slaughtering' as far as I can see - since that is an exceptionally natural state for an animal - it's how the animals are treated up until they're slaughtered.
Not to mention that if we're talking about sheer numbers of organisms, the ones that are slaughtered for actual consumptions are a drop in the ocean compared to all the animals that are slaughtered in farming. Mice plague? Hell, just normal mice, no plague? You rarely hear the vegetarian protestors complaining about the huge numbers of rodents killed in farming. It increases in magnitude as you go down, too (snails etc, and increase again for insects). I think it's funny that above we have a complaint about 'not eating the cute rabbit', yet no-one champions the rights of vermin, despite them dying in far greater numbers. Generally no-one cares about them, because they die 'over there' and don't end up in line of sight.
So yeah, treat meat animals humanely, that's a tenable goal, but 'stop the slaughter'? It requires wilfully turning a blind eye.
Personally I have no problem with humans eating meat, in my view it's part of our nature, but I do have a problem with raising them in battery farms and people kicking their pets etc.
[1] according to http://www.amazon.com/Animal-Rights-Current-Debates-Directio...