This article reviews, first, the main reasons for the entrenchment of Israel in the Middle East and for the shift towards its greater acceptance as a regular international player in regional politics. The second part of the essay argues that the peace process is quite resilient and that it has realised most of its potential. The third part clarifies the peace process's often forgotten limitations, which the strategic and cultural realities of the Middle East impose on Arab states' relations with Israel. The last section offers advice against impatience and diplomatic hyperactivity.