  We examine recent work on compactifications of string theory with fluxes,
where effective potentials for light moduli have been derived after integrating
out moduli that are assumed to be heavy at the classical level, and then adding
non-perturbative (NP) corrections to the superpotential. We find that this two
stage procedure is not valid and that the correct potential has additional
terms. Althought this does not affect the conclusion of Kachru et al (KKLT)
that the Kaehler moduli may be stabilized by NP effects, it can affect the
detailed physics. In particular it is possible to get metastable dS minima
without adding uplifting terms.
