Allahpundit and Peter analyze it pretty damn well. Make no mistake; even though there is no firm timetable for the last chopper to leave the US Embassy in Baghdad under enemy fire, negotiating with the two thuggish countries that are turning Iraq into a hellhole along with a reduced presence both in numbers and in role for our troops over there will inevitably have the same effect on Iraq and Lebanon that negotiating with North Vietnam did for South Vietnam and Cambodia, namely a collapse of governments not necessarily anti-American in favor of virulently-anti-American ones. The effect in the rest of the world will also mirror the Vietnam experience; other countries will (rightly) see the US as an untrustworthy partner, unwilling to protect any interests that can’t be done via a short cruise-missile barrage.
One thing left untouched by just about everybody; Iraq will be turned into an unblockable superhighway between Iran and the frontier of Israel. Hope everybody likes strontium-90 and caesium-137 in their food, because one way or the other, that inevitable war will go nuclear.
