I could see Saddam choosing now to make his stupid move and try to annex all of Iran, which could obviously end very badly. Now if Saddam's smart, he'll take all of occupied Iran and make a secularized country (let's call it Persia). Well the Ayatollah gets pissed, and the war goes on for another year or so, until the Iranian Army officialy mutinies, ending any hope of reclaiming Tehran. The final treaty gives Iraq (and her allies...maybe Syria, Egypt...Jordan?) control over the new nation of Persia (just a guess Democratic Republic of Persia?). The end result is Iraq leading a more EU-ish Arab League, perhaps buying off Kuwait's annexation in 1991-1992, and ending with a US invasion in 2003 (if there is one) being a lot more painful (not including the various insurgencies). On a more grim note, I have a feeling that the Kurds are going to feel far more pressured by not just Iraq, but Iraq's new lapdog Persia. It's just...knida sickening when you think about it...
So that's my take, if anyone could comment or has their own ideas, that would be great.