So...

About this "Bush and Cheney's hands are dirty up to their wrists in this. I think Libby and Rove are essentially throwing themselves in front of the train." theory of mine.

From the NY Daily News:

Other sources confirmed, however, that Bush was initially furious with Rove in 2003 when his deputy chief of staff conceded he had talked to the press about the Plame leak....

A second well-placed source said some recently published reports implying Rove had deceived Bush about his involvement in the Wilson counterattack were incorrect and were leaked by White House aides trying to protect the President.

"Bush did not feel misled so much by Karl and others as believing that they handled it in a ham-handed and bush-league way," the source said.

Emphasis mine, of course. If this is true, then the answer to the classic question "what did the president know, and when did he know it," is: He knew Rove was the leaker in 2003. The President of the United States has been protecting a man he knew to have comitted treason.

ETA: Oh! And I can't believe I missed this! ReddHedd at firedoglake caught, in that last quoted paragraph:

Bush-league? Man, was that a poor choice of words! Running like rats from a sinking ship, and the indictments haven't even hit yet.

Acknowledgement to AmericaBlog, where I first found this little bombshell. They also mention the words: Obstruction of justice...