It seems Karl Rove isn't being indicted today, but he's not in the clear either. The investigation into his involvement in all this will continue and, now that Scooter realizes he's being royally and publicly screwed by his old friends, maybe we'll see him turn. That's a flip-flop I'd love to see.
UPDATE: U.S. Attorney Patrick Fitzgerald just had his press conference. First of all, he seems like an impressive guy -- not the smoothest public speaker, but certainly sharp, direct, and no-nonsense. The right is going to try and smear him, of course, but I doubt they'll have any luck. Maybe they'll try to smear him because he's working-class Irish, and we all know what they're like. (Let it be noted that the witness made the "drinky-drinky" motion.)
On a related note, Fitzgerald's professionalism is making it hard to read where this thing is going. He refused to talk about anyone not mentioned in the indictment (and just batted away a question about Cheney's involvement) so we can expect the guessing games to continue. And we can expect Karl Rove to continue to sweat this out like Roger Ebert in a sauna.
UPDATE 2: Kevin Drum is doing a nice blow-by-blow recording of the press conference. Check it out here.