I've held off on commenting on President Bush's "peace plan" until now because there just hasn't been any real analysis to stimulate mine. The left sees it as disenfranchisement (a curiously inconsistent attitude). The right wishfully sees it as the Master Plan Rope a Dope Moral Clarity Perfection. Both interpretations are ultimately more self-serving than having any real relevance to the issue of peace, I just haven't found anything to say, aside from my opinion that Bush has no idea whatsoever what he is doing.

Palestinians and Israeilis alike see Bush's peace plan however in different terms. It's basically absolutely nothing new. It was just a circular path, a tautological loop, with a Arafat plopped in the center to act as Red Herring.

However, at least one analyst in the US sees it the way the people in the mideast do.
William F Buckley writes in NRO:

For all that it is our objective, strategic and emotional, to deny the stated objectives of the terrorists, it is precisely they who have moved us to new and strenuous diplomacy and to the language of ultimatums. Mr. Bush managed to say to the Palestinians on Monday that the thing they most specifically desire, which is statehood, they will specifically not achieve: until there is a cultural revolution in the land.

What will come of President Bush's initiative?

Probably more terrorism.