They are not sovereign now and never will they ever be a sovereign nation again. They will forever be America's puppet and do the bidding of the American gov't.
Technically they are under brutal dictatorship of Washington but just not out in the open, the ideas and policies will all be made behind the curtain thus giving the world the illusion that Iraq can now stand on its on two feet and be a democratic nation.
At least the Elite have gotten smart enough to know it is much easier to control a nation from behind the curtain than in front of it for the masses to see.
Same goes for America...
There is no doubt in my mind that the US will be fully supplying the Iraqi military for decades to come, and we already are if I am correct right?