I think that Bill Quick has got it right. I'll say nothing in this post that hasn't already been said elsewhere in the blogosphere, but perhaps I can summarize several people's points.

Those of us who are unhappy with Bush's speech yesterday were relying overmuch on the media interpretation of it, instead of actually reading it and delving into the subtleties therein. This is a speech that was very carefully crafted.

Note his use of the imperative "must" when speaking to the Arabs, and the more requestful "ask" when addressing the Israelis, and he didn't use the word "immediate." I think that the purpose is indeed to stall for a few more days (note that Powell is going next week, not immediately). It may also be to assuage Powell's ego, while placating the Arabists in Araby and Europe, as Rumsfeld, Rice and company continue planning the war that will replace Saddam. (Note that both Michael Barone and the WSJ clearly recognize today that Iraq is the linchpin to the whole region).

In the next few days, the Israelis will have achieved much of their goal in tearing apart Arafat's terrorist infrastructure, and gathering intelligence and evidence, after which they can withdraw to make Powell look good, and continue to distract the Euroidiots from the real game.

Even if the fresh evidence of Arafat's perfidy persuades no one in Europe (who still don't even believe that the Karine A was really carrying weapons to him), it will be used to steel the spine of their own people and prepare them for the coming war as the Mideast goes through the necessary crucible that will finally bring it into modernity.

And Arafat will be Arafat, and the talks will fall apart again, but Powell will have at least be seen to have made the effort, and now the old terrorist will have been rendered relatively toothless for a few weeks or months, which may be enough time to get on with the real agenda.