One year after their initial discovery, two schools of thought have crystallized regarding the electronic structure and magnetic properties of ferropnictide systems. One postulates that these are itinerant weakly correlated metallic systems that become magnetic by virtue of spin-Peierls type transition due to near-nesting between the hole and the electron Fermi surface pockets. The other argues these materials are strongly or at least moderately correlated, the electrons are considerably localized and close to a Mott-Hubbard transition, with the local magnetic moments interacting via short-range superexchange. In this paper we argue that neither picture is fully correct. The systems are moderately correlated, but with correlations driven by Hunds rule coupling rather than by the on-site Hubbard repulsion. The iron moments are largely local, driven by Hunds intra-atomic exchange. Superexchange is not operative and the interactions between the Fe moments are considerably long-range and driven mostly by one-electron energies of all occupied states.
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