ABC radio news just ran a blurb on this. Their spin was that it was a moment of lighthearted fun. No doubt they would have treated it the same way if it had been Cheney.
In the 2000 election campaign Bush, not knowing a mike was on, commented to Cheney that NY Times correspondent Adam Clymer was a first rate a**hole and Cheney responded, "Big time." It was all over the news for quite a while. Clymer even became slang for the term a**hole.