It appears that Libby will not have to serve jail time, but he will still have to pay the $250,000 fine and be on probation for two years. Not a total pardon.
Presumably he will also end up losing his law license due to the felony conviction. Libby ought to demand that Sandy Burglar appear together with him on a panel to compare the merits of the two cases..........
I think the deal is commute the sentence now, appeal goes forward, and if necessary, full pardon in December 2008.