Crooked Timber has a nice round-up of the Bali talks, including the major achievements:

* Agreement in principle on a 2050 target of halving emissions
* Agreement to negotiate a binding deal in 2009, when Bush will be gone, and short-term targets back on the table
* Agreement to provide assistance to developing countries for both mitigation and adaptation
* Agreement by China to pursue emissions-cutting actions that are “measurable, reportable and verifiable.”

The comment thread at Washington Monthly has more discussion.