Even though sentencing won't occur for awhile yet, attention is turning to Libby's prospects for a presidential pardon once Bush leaves office. I doubt it. Bush has never been one to keep loyalty a two-way street. It's long been his M.O to cut loose even the most faithful of servants after they outlive their usefulness. And Scooter Libby has definitely outlived his usefulness. To pardon him would refocus the blame onto the presidency, make it clear the administration felt indebted to an underling doing their bidding. That's all true, of course, save for the indebted part. Libby was doing their bidding and now it is done. End of transaction.
I'd actually prefer a pardon -- it would focus the historical attention on the Bush administration, leave his legacy stained from the outset, and come closer to harming the prime movers behind the Plame Affair -- but I doubt Bush is willing to tarnish his own record to protect a pawn.