Its a very accurate description of Spanish anarchism. His belief that the Communists could have led a successful revolution is of course subjective, but not without merit.
I see this first and foremost as an analysis of the situation and as such it is actually a good one.
For those of us who dislike Communism the prospect of a Communist Spain in the Stalin Era is of course highly unattractive - maybe even worse than Francos regime.
no, it's not really accurate, or at least not exhaustive, nor is it based on facts, as far as I can gather. Chomsky paints a convincing picture as to why he may be wrong, in Section II, here:http://www.ditext.com/chomsky/1968.html
the Spanish Stalinists went as far as they could in restoring pre-revolutionary property relations, bringing the agricultural collectives run by worker/peasant committees under control of the state, and explicitly allied with the counter-revolutionary petit bourgeoisie in hopes of placating the Western democracies. this can justified in Marxist-Leninist dogma through the argument that a revolution at this stage of Spanish history would have been fatal, as bourgeois-led development had not yet fully occurred, but I don't think it's a real justification and the facts lay that out.