As the events continue to unfold in Iraq, a full scale sectarian conflict between the Sunnis and the Shiites looks imminent. No surprise that Obama will not commit ground troops, and why should he. The US interest will be served by funding both sides behind the scenes, whilst politically it will appear to oppose ISIS and play out the role of a peacemaker, and nominal air strikes driven by political expediency will not change the underlying policy.
The flags, the banners, and the message of ISIS clearly convey they want to impose Sharia laws, and bring about the Caliphate, like it or not. It has sent out alarm bells, the Caliphate will pose a challenge to western hegemony in the region, and the existing regimes will feel the heat and it may destabilise the entire region. This is an overreaction and largely contributed by the self-created Islamophobic climate in the west.