If you read the liberal bloggers, the indictment of Karl Rove is just about a done deal. The guy's in big trouble and is soon to be frog-marched (whatever that is) into custody.
If you read the conservative bloggers, the phony scandal has already fallen apart. There's no chance of Rove even getting a slap on the wrist, let alone an indictment.
From what I can tell, most of the above conclusions have come from rumors and leaks of dubious authenticity. Very little of it has come from the Special Counsel's office. You also have a lot of lawyers and laymen reading the various statutes, declaring they do or do not apply, and saying theirs is the only possible interpretation. And folks who are eager for Rove to be nailed or exonerated are seizing on damn near anything that supports their wish and insisting it's inarguable fact.
I have no idea what's going to happen here except that one side is going to be mostly wrong and the other is going to be mostly right. And even the folks who are going to be mostly right will have gotten to the right conclusion based on largely-bogus evidence. We don't know nearly as much about this case as we think we do.