Large scale air initio molecular orbital calculations on the binding e
nergy of the water dimer have been performed. These calculations exten
d the previous correlation consistent basis set work to include larger
basis sets (up to 574 functions), and core/valence correlation effect
s have now been included. The present work confirms the earlier estima
te of -4.9 kcal/mol as the MP2(FC) basis set limit. Core/valence corre
lation effects are found to increase the binding energy by similar to
0.05 kcal/mol. The best estimate of the electronic binding energy of t
he water dimer is -5.0 +/- 0.1 kcal/mol. Correcting this value for zer
o-point and temperature effects yields the value Delta H(375) = -3.2 /- 0.1 kcal/mol. This value is within the error limits of the best exp
erimental estimate of -3.6 +/- 0.5 kcal/mol with the calculations favo
ring the lower end of the experimental energy range. It should be usef
ul to adopt the present estimate in empirical and semiempirical model
potentials.