[QUOTE
The big problem with ''The Pegasus'' is that it's a totally awesome episode in itself, and also a 'big picture' episode where (basically) the entire life of one of our regular characters changes forever. But as you say it's all nulified by him never (seemingly) facing any short or long term consequences for it. He's back to being breezy hotshot guy the next week.
The Pegasus is an excellent episode alright. A case of "where exactly do your loyalties lie?" if you like. What saved Riker from court-martial was the fact that he was prepared to stand up at the end and tell the truth something that Pressman had the arrogance not to do which more or less ended his career and as Picard said "and several others at Starfleet Intelligence."
Riker only owned up at a point where he pretty much had no choice but to own up. Either own up or rot away in the asteroid. I don't know how a court would look leniently on that.
What's on Riker's side is that he's under tight orders from some of the biggest of the big shots in Starfleet and while that's tough, tough going, it doesn't quite excuse the fact he's concealing the manner in which his fellow Starfleet colleagues died.
I like Riker and I still do. But there's nothing there that absolves him and precious few mitigating factors either. It's just dirty stuff that he has to live with but that's OK as it provides an opportunity to make him a more troubled character.
I don't hold the view that his Pegasus 'dirty laundry' nullifies his other achievements either. Many of the most accomplished people in history also have alot of dirty laundry and Riker fits into that general mould. It makes him more complex and my central criticism I want to make on this thread is that it's a pity they didn't bring that complexity and a measurable fall out into other episodes.