This feature by Peter W. Galbraith makes a compelling case for how the U.S. can extricate itself from the disaster that Iraq has become. Along the way, he does a good job of touching on the positive aspects of this war (namely the removal of Saddam Hussein). To sum up his solution, it is a loose confederation of three separate states, with their own governments, militaries, etc. The only connections between them would be a relatively weak central government and revenue-sharing of oil sales (to prevent the “Sunni triangle”, which lacks oil, from being impoverished).
While it is far from the grand Bush vision of Iraq as a democratic example for the Middle East, it would probably be far better than the current situation.