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One year after their initial discovery, two schools of thought havecrystallized regarding the electronic structure and magnetic properties offerropnictide systems. One postulates that these are itinerant weaklycorrelated metallic systems that become magnetic by virtue of spin-Peierls typetransition due to near-nesting between the hole and the electron Fermi surfacepockets. The other argues these materials are strongly or at least moderatelycorrelated, the electrons are considerably localized and close to aMott-Hubbard transition, with the local magnetic moments interacting viashort-range superexchange. In this paper we argue that neither picture is fullycorrect. The systems are moderately correlated, but with correlations driven byHund's rule coupling rather than by the on-site Hubbard repulsion. The ironmoments are largely local, driven by Hund's intra-atomic exchange.Superexchange is not operative and the interactions between the Fe moments areconsiderably long-range and driven mostly by one-electron energies of alloccupied states.

Microscopic origin of magnetism and magnetic interactions in ferropnictides