There is a well thought out blog entry on the dangers of Turkish access here:
Turkish Entry into the EU
I recommend it.
I would interpret Lisbon as giving the EU the ability to coordinate the kind of independent foreign policy that doesn't make us rely on NATO or neocon-missile-shields, and puts the EU in a position to articulate European interests. I don't include Turkey in the European civilisational family, and I think quite a few EU member states feel that way too. As I said in a previous post, Turkey will never join the EU, and there will always be a country willing to veto their membership.
BTW, I think O'Dowd is probably referring to FDI in Ireland. US investment in the EU overall is a non-issue strategically, especially when countervailing EU investment in the US is considered.
Turkey is back knocking on the door of the EU:
See today's BBC news Monday, 19 January 2009
Turkey tries to revive EU drive
"The Turkish government has pledged to re-focus on EU accession talks
Turkish Prime Minister Recep Tayyip Erdogan has begun a visit to Brussels for talks on his country's flagging bid to join the European Union.
He will meet the European Commission president and other senior officials.
It is his first Brussels visit since 2004, when the EU formally agreed to open Turkey's accession talks.
Correspondents say a flurry of democratic reforms to reach that goal has since floundered, and many see 2009 as decisive for Turkey's EU ambitions."
70% fo Turkey's land mass is in Asia. Where is the EU going to stop?
When does this whole EU experiment Just become a push for global dominance.
What effect would a mostly Muslim country of 80 million have on the fabric of European society.