Not only does he look bad, but remember that weekend appearance where he came out swinging with attacks on Bush? My guess at the time was that it was less motivated by animosity toward Bush than by some sort of fear. (The best defense is a good offense.) Something was scaring him at the time and he was reacting by going on the attack. Maybe this is what it was. Sounds like indictable offenses to me. I knew it couldn't be just the threat of embarassment (since nothing seems to shame him). It had to be a threat with teeth in it, like the threat of jail time.
Clinton hasn't looked too great and I figured it was simply his health problems, but you may have a point about him taking swings at Bush because something is brewing that won't be good for him. What is odd is that when Hillary showed up at the Astrodome right after their vacation, she looked absolutely horrible. I remember thinking "she looks like someone just told her she would not be the candidate in 2008." Or, speculation only, that if there was any real investigation of corruption in Louisiana, there was something she was very very nervous about.