The hope-inducing news is that the Libyan government has declared a cease-fire. What that means, how long it lasts, what happens now - all remain to be seen. But as to the extent of the gamble that Obama and the UN are taking, Marc Lynch's piece at Foreign Policy (which was also highlighted by Andrew Sullivan) is very good at laying it out.
What happens if Gadhafi pulls back? Do we continue to try and press the advantage of the rebels until his government falls? Do we have the authorization to do that? Do we expect a civil war in Libya to drag out, and if so, how will we take sides? If Gadhafi falls, what comes next? What will the new Libyan government look like? Will they be friendly to U.S. interests? Someone please tell me how this ends.