New regime:
I wouldn't go as far as to say that This Changes Everything, but the surprising strength of Hamas' election victory will present an enormous new challenge for advancing the peace process. I think it says as much about corruption in the Fatah party as it does about the appeal of the Hamas anti-Israel position, but that might be wishful thinking.
With Israel in political transition, Iran making nuclear threats and us distracted in Iraq, there's now certainly a new potential for things to get much worse in the Middle East before they even get slightly better.
