That Bush lied, of course!
Logically, it makes no sense at all, but from a PR standpoint, it's brilliant: we will have shot our bolt attacking documents that ultimately aren't the ones they are relying upon. Any attempt to question the authenticity of THOSE handwritten documents will then be swept aside as the blatherings of a bunch of crazy internet goons and a few talk radio and cable news freaks.
And they don't have to prove their case; they only need to instill a sense of doubt about Bush's integrity and truthfulness for the pending smear attacks to work.
I know this is a long shot, but there are too many unusual circumstances that are seemingly coincidental to be overlooked (telling Hodges the documents were handwritten, Rather warning the public that they were focussing on the documents and not the content, the use of signature/handwriting expert by CBS instead of a document expert, showing the handwriting expert examining ONLY the signature, and not the whole document).
All I'm saying is there is a scenario they might try that might look something like I'm describing, and we ought to be prepared for such an eventuality.
And I'll be delighted if it turns out not to be true.
I think you give them far too much credit for intelligence. They've been waffling too long not producing any such handwritten original. The duplicity of suddenly flashing the smoking handwritten letter would look even more suspicious, and it's very doubtful that Killian, in his easily checked handwriting, would have written such things so completely contrary to all his known sentiments regarding the Bushes.