Is there a critical but analytical evaluation of Islamic financial
instruments? I need more than a yes or no answer and more than a link
or two as I've done most of the search myself so the information
provided must new and current, if possible.

Dear Dindish, 

Here are several sources. Most of them are unfortunately off-line, or
fee-based when online (you can access them through a library that has
a subscription for free). However, there are some that are open to the
general public online.

First of all, check issues of the following journals: 

- International Journal of Islamic Financial Services 
<http://islamic-finance.net/journal.html> 
- Review of Middle East Economics and Finance 

Here are some websites, most of them (or the articles mentioned) would
help you get a general imperssion on the subject:
Mohamed Ariff, "Islamic Banking", Asian-Pacific Economic Literature
Vol. 2, No. 2 (September 1988), pp. 48-64 <http://www.aghayan.com/islbank.htm>

World Bank: 
ZAMIR IQBAL, "Islamic Financial Systems" , World Bank - 1997,
http://www.worldbank.org/fandd/english/0697/articles/0140697.htm>

American Journal of Islamic Finance
<http://www.ajif.org/AJIF/index.asp> 

Islamic Finance.de
<http://www.islamicfinance.de/> 

Ravil Hairetdinov. Islamic Financial System.
<http://www2.iiu.edu.my/deed/articles/islamic_finsys.html>

International Islamic Financial Market 
<http://www.iifm.net/> 

Islamic Financial Services Board 
<http://www.ifsb.org/> 

Islamic Banking/Finance
<http://www.islamicbanking-finance.com/> 

However, for a real in-depth analysis, you'll have to read academic
(or academic-level) articles on the subject, as well as books. Here is
a list of recent journal (peer reviewed) articles that discuss the
subject:

Kym Brown, 2003. "Islamic Banking Comparative Analysis". The Arab Bank
Review, Vol. 5, No. 2 October 2003.
<http://www.arabbank.com/review/vol5_no2/Islamic_Banking_Comparative_%20Analysis.pdf>

Humayon A. Dar and John R. Presley, 2000. "Lack of Profit Loss Sharing
in Islamic Banking: Management and Control Imbalances", Loughborough
University Centre for International, Financial and Economics Research 
<http://www.lut.ac.uk/departments/ec/Reasearchpapers/2000/00-24/erp00-24.pdf>

Ebrahim, M.-S. (2000) : « Pricing Asset Backed Islamic Financial Instruments »,
International Journal of Theoretical and Applied Finance 3(1), 59-83.

Ebrahim, S.; Khan, T.(2002)., "On the Pricing of an Islamic
Convertible Mortgage for Infrastructure Project Financing",
International Journal of Theoretical and Applied Finance, Vol.5 (7),
pp.701-729.

Ebrahim, S.; Rahman, S.(2005)., "On the Pareto-Optimality of
Conventional Futures over Islamic: Implications for Emerging Muslim
Economies", Journal of Economic Behaviour and Organisation, Vol.56
(2), pp. 273-295.

Ebrahim, S.; Tan, K.J.(2004)., "Islamic Banking in Brunei Darussalam",
in Subbulakshim, V (ed) Islamic Banking: Cases and Profiles,
pp.112-142, India, ICFAI University Press.

Dahlia El - Hawary, Wafik Grais, and Zamir Iqbal. 2004. "Regulating
Islamic Financial Institutions:  The Nature of the Regulated", World
Bank Policy Research Working Paper 3227, March 2004
<http://econ.worldbank.org/files/33616_wps3227.pdf>

A.L.M. Abdul Gafoor, 2001. "Mudaraba-based Investment and Finance"
<http://users.bart.nl/~abdul/article2.html>  see also ISLAMIC BANKING
& FINANCE, <http://users.bart.nl/~abdul/>

Abdullah M Noman, 2002. "Imperatives of Financial Innovation for
Islamic Banks", International Journal of Islamic Financial Services,
Vol.4, No.3, <http://islamic-finance.net/Journals/Journal15/vol4no3art1.pdf>

 F. Nomani. 2003. "The problem of interest and Islamic banking in a
comparative perspective: the case of Egypt, Iran and Pakistan". Review
of Middle East Economics and Finance, vol 1., no 1. Download fro a fee
at <http://econpapers.repec.org/article/tafrmdest/v_3A1_3Ay_3A2003_3Ai_3A1_3Ap_3A37-70.htm>

Hussain G. Rammal, 2004. "Financing Through Musharaka:  Principles And
Application", B Quest, A Journal of Applied Topics in Business and
Economics <http://www.westga.edu/~bquest/2004/musharaka.htm>

Ali Arsalan Tariq. 2004. _MANAGING FINANCIAL RISKS OF SUKUK
STRUCTURES_ (Dissertation)
<http://www.sbp.org.pk/departments/ibd/sukuk-risks.pdf>

Tarek S. Zaher & M. Kabir Hassan, 2001. "A Comparative Literature
Survey of Islamic Finance and Banking"  Financial Markets,
Institutions & Instruments
Volume 10 Issue 4 Page 155  - November 2001 Availale through
Microfinance Gateway:
<http://www.microfinancegateway.org/files/23008_literature_survey.pdf>

Books: 

 Ahmad, Ausaf and Khan, Tariqullah eds., (1998), Islamic Financial
Instruments for Public Sector Resource Mobilization, Jeddah: IRTI

Clement M. Henry and Rodney Wilson (eds.) 2004. _The Politics of
Islamic Finance_ Edinburgh: Edinburgh University Press - is considered
a very good analysis and introduction to the issue.

Timur Kuran, 2004. _Islam and Mammon : The Economic Predicaments of
Islamism_ Princeton University Press - provides a critical view of
Islamic financial instruments and "Islamic economies".

Frank E. Vogel, Samuel L. Hayes, 1998. _Islamic Law and Finance:
Religion, Risk, and Return_ Brill Academic Publishers

Ibrahim Warde, 2000. _Islamic Finance in the Global Economy_ Edinburgh
University Press

Market Research: 
Research and Markets, 2005 - forthcoming*. Structuring Islamic Finance
Transactions  <http://www.researchandmarkets.com/reports/c23540/>
(*the report will be published in October 2005 = next month).

Additional Information
======================
Very recent analysis, of course, comes from new resources, but is very
limited by nature:
"Sukuk to grow to $1.5 trillion in 10 years" Bahrain Tribune,
29/08/2005, <http://www.menafn.com/qn_news_story_s.asp?StoryId=105051>

"Challenges facing Islamic financial institutions", Khaleej Times, 5
August 2005 <http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2005/August/business_August104.xml&section=business&col=>

PATRICK O'GILFOIL HEALY. "For Muslims, Loans for the Conscience", New
York Times, August 7, 2005,
<http://www.nytimes.com/2005/08/07/realestate/07nati.html?ex=1126065600&en=ae5ba930484f377e&ei=5070>

I hope this answers your question. Please contact me if you need any
clarification before you rate this answer. My search terms:  Ijara,
"Islamic financial instruments", "Nomani" "* problem * interest *",
"How" "Islamic financing * bank", Determinants of Islamic Banking
Profitability, "Zaher" "* Comparative Literature Survey",
International Journal of Islamic Financial Services, "Ebrahim"
"Pricing Asset Backed", sukuk, mudaraba - and other related terms.