Didn't see this one coming. It's not quite a pardon, but it signals the likelihood of one in the future.
Update: I think Brian gets this right:
Dear American people and your hallowed legal system:
Fuck you!
All best,
George W. Bush
Update the Second: I was confused on the difference between a commutation and a pardon. What Bush did was leave the conviction, fine, and probation intact, but erase the jail time. This doesn't signal a coming pardon.
So far as it goes, I'm sticking to my guns on this one. I'm glad Bush commuted Libby's sentence. This is a band of thieves, not just a thief, and it's only right that Bush is lashed directly to Scooter's crimes, and that he exhibit, in this case as in so many others, his disregard for the rule of law and contempt for the honor of his office. Bush is making a very strong run for worst president in history, and I'll happily sacrifice Libby's two years of jail time if it adds to George W. Bush's eventual ignominy.