The Israelis won't agree to this text if it ties their hands too much. I also think they will demand return of their soldiers before any agreement is signed.
Bolton may not have a choice but to come to agreement with the French. Condi is still his boss.
I think you've hit the key point in this agreement: the Iranian mullocracy and Hezbollah are furious about a number of issues right now, so any cease fire will probably last less than eight hours. Hez is angry about being defeated by Israel while inflicting relatively little damage with their rocket barrages, while Iran is furious that the UN security council is basically united about sanctioning Iran's uranium enrichment program. So within about 8 hours Hez will fire more rockets and the Israeli soldiers and airmen will end up getting a rest and then going out again in less than 24 hours.
"It does not say immediate cessation of violence," the official said, speaking on condition of anonymity because the draft had not yet been made public.
That appeared to be a major victory for the U.S. and Israel. France and many other nations had demanded an immediate halt to the fighting without conditions as a way to push the region back toward stability.
Never underestimate Olmert's ability to do the wrong thing for Israel. Many of his countrymen now openly call him a traitor.
A true ceasefire is pretty much impossible now. Hezbollha has a command and control problem. They could not even get orders to every single one of their fighters to stop attacking. Some are hiding in holes and hiding in abandoned homes. The Israeli counter offensive will continue until the Israelis decide to stop. And even then they know that 'loose' unconnected bands of Hezbollha will still be fighting.