It does not. And that is important for two reasons. First, the review provides a much-needed catharsis for the party's rank-and-file membership whose morale was crushed following Labour's worst showing since 1922.
Second - as the review notes - it is imperative that Labour acts and is seen to act as a disciplined and coherent team ready for government if it is to win the trust of voters at the 2017 election.
If the review has failed to delve very deeply into the party's recent past there is further very good reason. Labour does not want to fracture the calm Little's leadership has secured.
Likewise, Labour is never going to gift to National copious quantities of embarrassing material.
So the words "David Cunliffe" are notable for their absence. Yet, the review does not gloss over other failings - such as poor messaging, complex and difficult-to-understand policy, and the refusal to be explicit about where it stood on coalitions with aligned parties.
The review effectively sheets responsibility for these blunders back to Cunliffe without actually saying so.
The review has done its job without treading on too many toes. It is now up to the party's hierarchy to decide which of its recommendations the party will adopt.