A way out in Honduras?

I criticized the arrangement announced last week that may bring an end to the crisis in Honduras. By contrast, a Wall Street Journal editorial and Corner post by Otto Reich see much of merit in the arrangement. The Journal characterizes the arrangement as a victory for Honduras and “an elegant diplomatic exit” from the Obama administration’s misguided opposition to Zelaya’s removal from office. Reich’s post suggests that the deal will not result in Zelaya’s return to office. Here’s hoping I was wrong and these folks are right.
UPDATE: Dan Miller’s careful analysis splits the difference between the optimists and the pessimists.