"3) Prepare to launch an independent investigation when it becomes clear we have exhausted the opportunity to usefully collaborate with the majority. We can pull the trigger on an independent investigation at any time-- but we can only do so once. The best time to do so will probably be next year either:"....
This tells me that the only reason they want to wait until next year is because it is an election year, and that's when they think the best time would be to "pull the trigger" on an independent investigation. That smacks of nothing more than dirty politics, and given the fact that this committee is supposed to be a non-partisan group, and they are (IMHO) abusing their power at the very least.
I don't think I have to tell you what would happen had this been written by a Republican Senator about a Democratic President, do I?
One more thing: whoever gave this memo to Sean Hannity obviously understood the gravity of this memo. It wasn't some staffer, either. That should tell us all something.