I think this is right. The only thing to be said for such a deal is that it comes (relatively) closest to squaring the impossible circle of honouring Vote Leave’s promise of taking back control without any significant economic pain and while maintaining a soft Irish border.
There will of course be economic pain: but not in the visible and neuralgic form of car factories closing/farmers unable sensibly to sell produce to the EU.
And taking back control will only partly have been delivered (and I suspect there will have to be a compromise on FOM, covered by a fig leaf - eg U.K. free to make policy less liberal for EU nationals but that if it does so there will be “consequences”).
