I think there's a good argument that the latest campaign finance act was unconstitutional, and an almost uncontrovertable argument that it's lousy public policy. I'm increasingly convinced by the libertarian argument that we ought to scrap all the controls on spending and contributions and go to a straight disclosure regime.
That said, the law's the law, even if it's stupid and counter-productive. And when you've got the campaign's chief outside counsel also advising a 527, it raises the question--if this isn't coordination, WHAT IS? Do we have to have videotape of George Bush personally asking one of these swift boat guys to "nail Kerry"?