Watching the Obama administration launch its "new era of engagement" over the past 10 months, most seasoned observers have pondered two questions: First, if engagement fails, will the Obama team ever acknowledge that it has failed? And what then?

The first question is about to be answered. The main object of the "new era of engagement," Iran, has settled back into its old game-playing. The joint proposal agreed to by the United States, France and Russia, to have Iran ship 70 percent of its low-enriched uranium to Russia this year, was a compromise, as administration officials acknowledge. It might theoretically have delayed Iran's bomb program by a year or so -- assuming we know everything about that program -- and thus bought some time to get a better and...