I really don't think that we'll be eating our hats any time soon. If you want truth, the mainstream media is the last place to look for it. They are, as you note, in the fantasy business - they offer entertainment in the guise of "news" in order to sell ad space and air time. They also create propaganda to further their personal and professional agendas. A repulsive lot, most of them.
You seem to have an inordinate respect for the power of the main stream media to guide the political discussion in this country. You are right in one respect: the rat house organs will do the exact opposite with this story as they are doing with Foley. They will attempt to ignore it out of existence.
I doubt that will work. That don't have the power or influence they once had, let alone the credibility. Other media sources and the conservative press will give it good play (and if I'm correct that this is the beginning of an orchestrated 'October Surprise') and so will Republican candidates in their campaign ads.
We'll have to see how this plays out, but for right now, my money is on the hand of Rove.
Well I have the sauce ready in case an outbreak of Truth and Decency strikes the Treason Media.