This revelation says what we already knew, that we did do things and that the area was secured enough to prevent the removal of 100s of tons of ordinance by enemy forces.
The looting angle does not explain the missing ordinance, but the destruction efforts by the troops plus the Russian repo efforts do lead one to believe the ordinance in question did not fall into enemy hands.
Not a simple cut and dried story, but also not a stake in the heart of the Bush campaign.
It seems to me that the folks most upset about this are republicans on the defensive.
The public does not see this as some major screwup. If the stuff had turned up in car bombs it might be a different story, but as of now, the car bombs have all been based on ersatz collections of arty shells and small aerial bombs looted from 1000s of small dumps that we most certainly missed in urban areas.
In the world of the "liberal establishment", it's not the nature of the evidence that matters. Its the seriousness of the charge that counts most. And right now, four days before the election, the more ammunition Kerry has to throw at Bush, the more pounding the President will take from the entire liberal establishment.