All sixteen of America's intelligence agencies (why do we need 16?) agree that Iran has not been developing nuclear weapons for the last four years. By any sensible measure this is great news. A looming conflict has suddenly become a very unlikely possibility. Sanctions can be reduced so that Iran can be positively engaged economically. Each nation can pay less attention to the rhetoric from their ideologue leaders and more attention to moderate voices.
This is a showdown that would've had no positive side. Obviously the US military is stretched too thin to seriously engage with Iran. Now everyone can relax. So why does the Bush administration view this development with, at best, mixed feelings?