Daniel Levy, writing in Haaretz:
The logic of the current U.S.-led effort is apparently predicated on the assumption that by offering Israel unprecedented security deliverables within a two-state deal (under a package put together by U.S. General John Allen), together with front-loading recognition of Israel as a Jewish state, that Netanyahu would then be unable to dodge a serious negotiation on territory. That logic, combined with the ever-present American unwillingness to deploy any leverage viz its Israeli ally. Predictably enough, the Israeli leadership has pocketed the American concessions, demanded that the Palestinians follow suit, and asked for more.
Read the whole thing for details and insights on the negotiations.