Fareed says "unlikely":
While the regime's legitimacy has cracked -- a fatal wound in the long run -- for now it will probably be able to use its guns and money to consolidate power. And it has plenty of both. Remember, the price of oil was less than $20 a barrel back in 1989. It is $69 now. More important, as Zbigniew Brzezinski has pointed out, 1989 was highly unusual. As a historical precedent, it has not proved a useful guide to other antidictatorial movements.
The three most powerful forces in the modern world are democracy, religion and nationalism. In 1989 in Eastern Europe, all three were arrayed against the ruling regimes. Citizens hated their governments because they deprived people of liberty and political participation. Believers despised communists because they were atheistic, banning religion in countries where faith was deeply cherished. And people rejected their regimes because they saw them as imposed from the outside by a much-disliked imperial power, the Soviet Union.
The situation in Iran is more complex. Democracy clearly works against this repressive regime. The forces of religion, however, are not so easily aligned against it. Many, possibly most, Iranians appear to be fed up with theocracy. But that does not mean they are fed up with religion. And it does appear that the more openly devout Iranians -- the poor, those in rural areas -- voted for Mahmoud Ahmadinejad. ... Nationalism is the most complex of the three forces.