This [via CT] is a good overview of the state of play on the Lisbon treaty:
But some diplomats say it is the foreign policy high representative who may emerge as the strongest figure in the new set-up.
….
The foreign policy chief will be powerful because he or she will not only speak on behalf of EU national governments but will also hold the title of Commission vice-president. The holder will oversee the EU’s multi-billion euro foreign aid budget and control a diplomatic service that will ultimately employ up to 3,000 officials.