  Recent experimental observations of CP asymmetry in B0 -> psi K0 constitute
the first significant signal of CP violation outside the neutral kaon system;
thus they represent an important milestone to test the CKM paradigm. We,
therefore, undertake a critical appraisal of the existing experimental and
theoretical inputs used to deduce constraints on sin(2 beta) and other
important parameters and thus find, in particular, sin(2 beta) > 0.50 at 95% CL
which is completely compatible with the combined experimental result: sin(2
beta) = 0.46 +- 0.17, representing an important success of the CKM model of CP
violation. Searches for new physics in B decays to psi+K0 like final states
will require improved precision; we make some suggestions to facilitate these.
We also present a global fit including the new CP asymmetry measurements in
B->psi+K0 as an additional input yielding e.g. gamma =29-56 degrees, eta-bar =
>.19-.36, rho-bar=.15-.37, Jcp=(1.8 - 3.0) X 10^(-5), $Br(K+ -> pi+ nu
nu-bar)=(0.51 - 0.90) X 10^(-10) and Br(KL -> pi0 nu nu-bar) = (0.11 - 0.31) X
10^(-10) at 95% CL.
