The offer is insincere, of course, but that he (or his designated al Qaeda stand-in) is making it at all tells us everything we need to know. I guess that "intelligence failure" in Pakistan must have been even more successful than we thought.
UPDATE: Austin Bay: "Essentially, the new Bin Laden tape says 'please donít wage war on our turf, but let us wage war on yours.'"
ANOTHER UPDATE: Mike Silverman offers a list of bin Laden's Top Ten Conditions for a truce. Sample: "4. Bin Laden's part in any future movie must be played by Christopher Walken."