As usual, eminently reasonable, thoughtful, and persuasive. This is very far outside my area of expertise, so I can only offer a layman's gut feel — but my gut (which is usually a generally pro-free-trade let-the-market-decide gut) says that letting the United Arab Emirates firm run U.S. ports is likely bad policy and extraordinarily dumb politics. I'd be happy to be persuaded otherwise, but Lileks makes a pretty good case for his position.
Thanks to InstaPundit for the pointer.
UPDATE: Daniel Drezner has a long and characteristically thoughtful post on why we shouldn't be troubled by this. I hope he's right; but I'm still worried about the things that Lileks is worried about. Thanks to commenter Sprice for the pointer.