It looks like the documents that CBS used to call his National Guard service into question (including the infamous "CYA" memo) may well be fake. If this proves to be the case, that puts the whole National Guard issue off limits for the rest of the campaign. That's the best case scenario for Kerry. The worst is a media "feeding frenzy" that perhaps shows some link to the campaign.
Personally, I never thought this was a great issue for the Democrats. Don't most voters already assume that Bush's service was undistinguished at best?
Now, Hurricane Kitty may get washed out by Hurricane Ivan ....
OK, Steve, now may be the time for you to panic.