Our friend, James Taranto, on Opinion Journal sums it up very concisely:
The Libby indictment does not allege that Valerie Plame was a covert agent. Nor is Libby charged with conspiracy, as some Angry Left moonbats had been expecting. Libby’s alleged crimes all occurred after the investigation began. The charges against him are serious, but no one should lose sight of the bigger picture: The special prosecutor has apparently found no evidence that anyone was guilty of anything two years ago, back when Joe Wilson was calling for Karl Rove to be “frog-marched out of the White House in handcuffs.” As we’ve been arguing for two years, this was an investigation about nothing. Call it the “Seinfeld” scandal.