Trent Telenko believes that moves against the Saudis are beginning in the Bush Administration. He has a rather long list of trends that don’t like good for everyone’s favorite sponsors of Wahhabist radicalism.
I’m still taking this with a grain of salt, however. The Saudis still are trying to play the "we’re allies against terrorism" game, and they’ve plenty of receptive ears across the globe. I don’t see Bush Administration policy leaning towards regime change. A power vacuum in Saudi Arabia would be a very dangerous gamble to make, and could inflame the Middle East even more.
I do see increasing political pressure being placed on the Saudis until they start having to make some truly monumental concessions. The Saudis have spend years talking peace and spending on terror. The Bush Administration is clearly setting up a situation in which the Saudi’s leverage on us is reduced to virtually nothing. Once that is accomplished, we may very well make the Saudis put their money where their mouths are.
It’s clear that the Arab world needs to make more than half-hearted reforms. There needs to be a real commitment to anti-terrorism operations, and that includes the state funding of radical madrassas that serve as centers for terrorist recruitment worldwide. Only once the Saudis actions meet their rhetoric can they be considered anything even approaching an ally.