The IAEA just released its latest report on Iran's nuclear program (available here for download as a .pdf file via Arms Control Wonk), and if the past is any indication, expect the accompanying spin and analysis to be a bit misleading.

According to the actual report, the IAEA essentially determined that Iran has continued running the centrifuges it already has online and has added some more, and that the efficiency of the centrifuges already online has improved. The Iranians, meanwhile, once again refused to allow the more rigorous and transparent inspections mandated by the Additional Protocol, used a loophole to deny inspectors access to a heavy-water reactor under construction but not yet operating (the recent installation of the facility's roof makes it now satellite-proof), and essentially stonewalled any further investigation of alleged past weaponization efforts. So the stalling game the Iranians have been playing for the past three years has indeed won them more enriched uranium and a higher mastery of the process.

Press accounts from the New York Times and the Washington Post have focused on three elements, with varying degrees of emphasis. First, because the IAEA only actually measures the amount of enriched uranium once a year, relying for the rest of the year on estimates (kind of like how the utility company manages the electric bill), this latest report indicates Iran has about one-third more low enriched uranium (LEU) than previously believed.