Daniel Serwer ticks off some reasons to be upbeat about the country:
Much more Sunni ethnic nationalism than in the past, with Sunnis and Kurds getting on better as the Sunnis start thinking about wanting one or more regions of their own. Maliki managing to maintain the fragmentation and shifting alliances that keep him in power, even as he continues to gain greater control over the army. Arrests of Ba’athists and Exxon contract with the Kurds are not causing giant problems: Iraqiyya is staying in the government and the Exxon move brings pressure on Baghdad to pass the oil law. Both sides reasonably content with the American withdrawal, looking forward to stronger implementation of the Strategic Framework Agreement that will now govern the bilateral relationship. Not clear however whether they see implementation of that agreement in the same way.
Reidar Vissar explains the Exxon issue and worries about it.