Seems like a deal has been reached in Honduras, though still has to be voted on by Congress (see Times story below).
Despite the fact that negotiations and compromises bestowed some legitimacy to those who carried out the coup -- and despite that fact that the question of whether human-rights violations committed during the coup will be punished is unclear -- on the whole this has to be read as a victory for progressive forces:
1. it was largely popular protests, which contrary to most predictions didn't dissipate over time, that prevented the coup government from consolidating;
2. the idea that this was a constitutional transfer of power, which if successful would have set a dangerous precedent, is revealed to be a lie;
3. the attempt to justify the coup in the name of anti-populism, or anti-chavismo, has failed (along with the myth that what was at stake in Honduras had anything to do with Venezuela);
4. the position of the OAS -- and hence the unity of progressive governments -- was affirmed (if it had dragged on past the November elections, there would have been strong pressure for individual governments to recognize the results, perhaps leading to splits);
5. the violence of the coup government, as well as the fact that the extended crisis smoked out its less than savory supporters like Otto Reich, reveals the lie that there is a progressive, or modern conservative alternative to the left in most countries;
6. the militaries and elites of neighboring Central American countries have to take from it the lesson that preemptive overreactions to the left can, as it has in this case, actually result in strengthening the left;
7. It is a big push back for Republicans (and neo-lib Democrats) in the US, who tried to use the crisis to push a more conservative US policy in Latin America;
8. And Honduran social movements go into the next government -- probably headed by the candidate from the National Party -- with a sense of unity and their own power (and elites fractured and chastised), much stronger now than they were on June 28. Not sure if the deal reached entailed Zelaya renouncing any attempt to push for a constitutional assembly -- it probably did -- but social movements will continue to advocate for one, which according to at least one poll now has majority support (largely thanks to the actions of those who most oppose it!).