The New York Times on Iraqi sovereignty:

Iraq will have all the formal powers of a sovereign state: the ability to appoint and dismiss ministers; to allocate budgets; to conduct negotiations with foreign countries. But it is not clear what will happen if the Americans disagree with Iraqi decisions. Even though the United States has the leverage of troops and billions of dollars in reconstruction contracts, Iraqi complaints of American interference could embarrass an administration eager to prove to the world that Iraqis are now in charge.

So, it's not clear that they can exercise the normal powers of a sovereign state if we "disagree". But, on the other hand, we have given them the sovereign power to embarrass us. Gee, the way we've been embarrassing ourselves, it seems kinda redundant...

LA Times op-ed via what will apparently be the last comment thread at Billmon's soon-to-be-comment-free Whiskey Bar...