I have been skeptical of the importance of the "Yellowcake Road" story. But if it is true that the White House has blown the cover of a covert CIA operative as a way to get revenge on a political opponent, that is a big deal. A very big, felonious deal. (Thanks to a Calpundit commenter for the link.)
Mark Kleiman and Tom Maguire (start here) have been all over the story, justifiably.
Maguire argues that the CIA (or certain factions therein) may have blown the cover of Ambassador Wilson's wife to advance its feud with the Administration - which would also be a big, felonious deal, albeit with repercussions not to the liking of the President's political opponents. To say the "jury is still out" is, literally, an understatement - it hasn't been convened. Yet.
What's that about the "coverup being worse than the crime?" If the story is true, then a story that, absent further action, would've been washed away with the blood of Uday and Qusay Hussein may have lead to felonious behavior from, depending on who is right, Administration officials in a Nixon-style counterattack or CIA officials for whom Federal law is a trifle when turf battles are at stake. Neither option is a good one.
I am no fan of Congressional investigations, but this situation is too important to be left to the journalists. (And given what Congress has done this year, even if the investigation doesn't lead to anything useful, it will at least keep them from doing more damage.)