Of late there has been talk of greater unity within the Gulf Cooperation Council, with serious discussion of some sort of Saudi-Bahraini unity as a starting point. The idea is Saudi, and would institutionalize the Saudi intervention last year in Bahrain (justified by portraying the Bahtraini opposition as Iranian stooges). David Roberts (of The Gulf Blog) explores some of the implications at Foreign Policy's Mideast Channel.
It's particularly interesting that there are apparently some within the Bahraini ruling family who are considering this idea, though it would seem to surrender Bahrain's sovereignty to Big Brother next door. That tells you something right there.