Judging from the indictment, it looks like he may have been trying to deflect from the VP, but badly so. His own notebook records his comments with the VP reveal that as one of the sources of the Plame identity. The records of many government offials will reflect that as well.
His defense attorneys are probably going to focus on the reporters having already known through DC social circles who Wilson's wife was and that it is evidence that they could have thought they heard something from Libby when they really didn't. It's a weak defense. I think he is in hot water. Maybe he should look for a plea.
If it goes to trial, in and by itself, and Libby is convicted, he will, no doubt be pardoned. [January, 2008]
Inasmuch as I see this entire episode as an attempted coup, Libby is not the prize. IMHO it is the President they are attempting to bring down.
The next bombshell will be VP Cheney is indicted ... all timed for the coming elections in 2008. This will effectively bring about a totally impotent presidential administration which may likely lead to the election of a Democrat president.
The Democrats are and have been campaigning. They are simply using the legal system, they have put in place over these many years, to do so.