Beginning from where I picked it up, Mark Kleiman, who links to David Corn in The Nation:

"Did senior Bush officials blow the cover of a US intelligence officer working covertly in a field of vital importance to national security--and break the law--in order to strike at a Bush administration critic and intimidate others?
It sure looks that way, if conservative journalist Bob Novak can be trusted."

I'm crossing my fingers. Any administration would do the same to anyone who wasn't in their employ. Moral indignation in this case and not others is just nationalism. But if they did it to one of their own, the sheer stupidity of it amazes me.