The investigation, headed by Eliahu Winograd, a former judge, called the month-long conflict "a great and grave fumble" that ended without Israel being able to prevent Hezbollah from firing rockets into Israel.

The report also found that:

"The war wasted an opportunity, for Israel was engaged in the war and did not finish with a conclusive, clear-cut victory."

Judge Winograd also noted:

To offer a general summing up, Israel lost an important opportunity. We went to war on our own initiative, it was a long war and it ended without a clear victory in terms of the military objectives. An organization of just a few thousand troops [Hezbollah] managed to hold out against an army that benefited from absolute air supremacy, and major benefits on the technological level.

The botched war killed 900 innocent civilians, many of them women and children, while only killing an estimated 300 Hezbollah fighters at a cost of 159 Israeli soldiers--staggering losses for a country as small as Israel and a clear sign that the once vaunted Israeli army has declined significantly relative to its opponents.

The report also "found grave failings in the decision-making...both on the military and political levels. Judge Winograd said that the army was "not prepared" for the ground offensive during the 36-day war and that if "failed" in its mission. He went on to say that both political and military leaders bear the responsibility for these failures.

The report also said that Israeli Prime Minister Ehud Olmert was responsible for "very serious failings" in leadership and judgment. Olmert is expected to come under pressure to resign now that the report has been published.