Certainly we won't annex Iraq.
But on the flip side of the coin - the idea that we're going to liberate the Iraq people is a scary notion. The Sunnei and the Shiites (or so I've been told) don't exactly get along. Why do I suspect a major bloodletting (read civil war) the minute we remove the stablizing factor?
(These people don't exactly believe in democracy.)
So, we won't annex Iraq, but we will provide a "stablizing factor" -- you know, a peace keeping mission.
Exactly the same thing Bush blasted Clinton for in the debates, if you will recall. (And what he promised he wouldn't do.)