Byron York in the WSJ online:
The Camera Blinks
...By Wednesday, CBS signaled it would make a statement. Some giddy netizens expected the network to cave, but after a day of delays and rumors, CBS rolled out an almost surreal "fake but true" defense, in which it seemed to concede the possibility that the documents were forgeries but insisted that they nevertheless conveyed the truth about Mr. Bush's Guard service.Will that quiet the storm? Not likely. The moral of it all is that it is infinitely more difficult for journalists to make questionable assertions in the age of the blogosphere than it was in years past. There is an army of well-informed fact-checkers out there, all connected on the Internet. There are people who know about things like computer fonts, or IBM typewriters circa 1972, or the arcane terminology of the Air National Guard. Pick a completely different subject, and there will be people who know about that, too.
CBS was clearly angry that its judgment was questioned-- by nobodies! "You couldn't have a starker contrast between the multiple layers of checks and balances \[at the network\] and a guy sitting in his living room in his pajamas writing," said one former CBS executive who defended Mr. Rather.
Well, it turned out that the guy in his pajamas was right, at least this time.
Indeed.