The New York Times is reporting that Libby will be indicted.  Not Rove.  Certain wingnuts are already claiming victory, or at least taking pleasure in the fact that today was no massacre of the Bush Administration.

Their celebration is way premature, since we still could see some surprises:

Mr. Fitzgerald’s preparations for a Friday announcement were shrouded in secrecy, but advanced amid a flurry of behind-the-scenes discussions that left open the possibility of last-minute surprises. As the clock ticked down on the grand jury, people involved in the investigation did not rule out the disclosure of previously unknown aspects of the case.

But assuming that it is just Libby who is indicted today, let’s remember that the Watergate grand jury originally handed down indictments for the five burglars, Hunt and Liddy.  And that didn’t end too well for President Nixon, as I recall. 

Moreover, the New York Times notes that Karl Rove will remain under investigation.   That’s right.  The investigation has been extended.

So this is far from over.  In fact, the slow hemorrhaging may prove to be worse for the Republicans in the long run.

UPDATE:  Ann Coulter agrees.  She says a "worst case scenario" is an indictment and a continuing investigation.