Given the police attitudes of today, that's what I think will happen if we give the it's ok because it's not torture
approval to waterboarding — remember that the terrorists in this particular case are, under international law, unlawful combatants and therefore receiving much, much more in the way of rights/privileges than they should — I simply do not trust government to refrain from setting up precedent for violating the Constitution because they're terrorists
and then turning that justification upon the civilian population.
I find it quite illuminating to, upon any government action by "the elite", ask how does this increase government power?
When the government is out of control, which it currently is, it is certainly possible that it and things that are actually torture will be used at their whim.
The only remedy is to bring the government under control of the people again rather then acting as if some people chatting on the internet gives them permission to oppress us.