The Iraqi leadership presented the draft constition for the new Iraq over the weekend, but Sunni and Shia leadership have rejected amendments and have vowed not to support it. Whilst Bush (as he would have to) praised it as an "inspiration", the truth of the matter is that unless the Iraqi consitution can have the support of all of Iraq's secular factions, there remains a distinct danger for future unrest. Although the Sunni's and Shia are in the minority in Iraq, they hold much power and have support from Iran's Ayatollah, and their exclusion from the political process is worrying for the fledgling Iraqi democracy.
The danger from the US side lies in the fact that the Sunni's and Shia want a government based more on Islamic law than democracy, (I.e. a theocracy), which will be difficult for the US and it's allies to take. Bush is thus keen to push this draft through the upcoming referendum. However, the peril lies in this short-term move having significant long-term implications.