Models for the characteristically soft X-ray spectrum of the compact X-ray
source V1408 Aql (=4U 1957+11) have ranged from optically thick Comptonizat
ion to multicolor accretion disk models. We critically examine the X-ray sp
ectrum of V1408 Aql via archival Adunnced Satellite for Cosmology and Astro
physics (ASCA) data, archival Rontgensatellit data, and recent Rossi X-Ray
Timing Explorer (RXTE) data. Although we are able to fit a variety of X-ray
spectral models to these data, we favor an interpretation of the X-ray spe
ctrum as being due to an accretion disk viewed at large inclination angles.
Evidence for this hypothesis includes long-term (117, 235, 352 day) period
icities seen by the RXTE All Sky Monitor, which we interpret as being due t
o a warped precessing disk, and a 1 keV feature in the ASCA data, which we
interpret as being the blend of L fluorescence features from a disk atmosph
ere or wind. We also present a timing analysis of the RXTE data and find up
per limits of 4% for the rms variability between f = 10(-3) and 16 Hz. The
situation of whether the compact object is a black hole or neutron star is
still ambiguous; however, it now seems more likely that an X-ray-emitting,
warped accretion disk is an important component of this system.