As anticipated, High-profile diplomacy gets boost after Bush speech. Also as anticipated, Hamas rejects the entire Bush Middle East peace initiative. Ostensibly, it is because Bush backed Fatah. But, let's suppose that Hamas were decide to comply with all the Quartet demands, lay down its arms and recognize Israel. Bush would not be backing only Fatah in that case, would he? So in reality, Hamas is opposed to the peace initiative because they are opposed to peace with Israel. Since they have always said so, there is nothing surprising there. The problem is, of course, that Hamas tends to express their discontent with the peace process by blowing up people. Blowing up people tends to disrupt peace processes. It is bad for the health and makes the relatives of those who get blown up very angry.
That is why, as I wrote, there cannot really be any peace process as long as Hamas is not neutralized.