It's Not Over Yet

Israel agrees “in principle” to a Gaza ceasefire.

Given that Israel is unlikely to accomplish anything meaningful (hurting Hamas badly enough to discredit it) and has so far paid a very small price in blood and prestige… well, a ceasefire is probably the way to go. If they’ve upset Hamas’s logistics enough to keep them from launching rockets for a few weeks or months, that’s probably as good as it’s going to get.

UPDATE: But then there’s this:

Meanwhile, Israel clarified that when the cabinet stated it viewed French President Nicolas Sarkozy and Egyptian President Hosni Mubarak’s offer “favorably” earlier in the day, it did not mean Israel wholeheartedly accepted it.

Sources in the Prime Minister’s Office said that Israel was ready to accept parts of the offer which were in line with its own interests – a complete cessation in terror activity and a halt to weapons smuggling through the Gaza-Egypt border.