This is a big, big story, great news for Bush, because it gives the lie to the Dems accusations that Bush wouldn't be tough on Enron. No matter how many other indictments there were, as long as Lay was not indicted, they would keep repeating that charge. Now that issue has been taken away from them; indeed, now it has swung in Bush's favor.
Which is why I predict the mass media will spend about as much time on it as Nick Berg's murder. Factually reporting on Enron and Lay's indictment would blow holes in the carefully constructed "EEEEEEVEEEEL Bush/Cheny=Big Energy" propaganda pushed on us for the past three years. With the exception of Fox, the "news" as we think of it has been completely dead for years.