The problem is that the Bush administration—as well as the President’s family and its associates—is scarcely able to assess the merits with any degree of objectivity. After all, if they reveal damaging information about the Saudis, what might the Saudis reveal about them?
For more than three decades, Saudi Arabia has sought to influence American politicians, often through investment in American business. While they have occasionally sought out Democrats, they are far more comfortable with Republicans—and in particular, with Bush Republicans. At the moment, for example, the kingdom’s defense attorney in a lawsuit brought by families of 9/11 victims happens to be James Baker, that ultimate Bushie whose résumé includes stints as Secretary of State and Treasury. (Mr. Baker’s last big court case was Bush v. Gore.)
Commercial connections between the Saudis and the Bushes extend from limited-partner investments in George W.’s failed oil ventures more than 20 years ago to the Carlyle Group, a mighty merchant bank that currently employs Mr. Baker, former President George Herbert Walker Bush and a host of lesser family vassals. Saudi money has also figured in several of the most significant political scandals of the postwar era, notably the Iran-contra affair and the Bank of Credit and Commerce International blowup. Whatever the Saudis might say about any of those matters is probably better left unsaid—not only to protect state secrets, but also for the sake of Bush senior, the former C.I.A. director and suspected Iran-contra conspirator. The U.S. government knows many unflattering stories about the Saudi rulers. Unfortunately, they know many and perhaps worse about ours. The preference for silence and secrecy is understandably mutual.

The redacted 9/11 report pages don't actually deal with the Saudi rulers. They deal with Saudi businessmen. Now, to be fair, some of them may be in the ruling family (there are about 40k members of the ruling family), but we're not talking about anyone highly-placed. That's why the Saudi government wants these pages released.