The significance of the Egyptian-Israeli interim agreement of 1975 is less in its specifications than in its implications, and these, as matters stand, are by no means clear. If the disengagement generates momentum toward further, more substantial agreements and toward a general settlement, Dr. Kissinger's diplomacy will be vindicated as successful and farsighted. If, on the other hand, the agreement becomes an excuse for Israeli intransigence, extremism on the part of one or more of the Arab parties, and a holiday from statesmanship during the forthcoming American political season, the Sinai accord will stand—depending upon events—as something between a futile exercise and an outright disaster.