Substantive effect

The substantive effect of Rathergate was not to ruin the careers of Dan Rather or other CBS News employees (although heads will roll), or to change the corporate culture, but to constrain CBS from appearing to skew its campaign coverage in favor of Sen. Kerry thereafter.

The substantive effect of ABC News political director Mark Halperin's memo advising correspondents not to "hold both sides 'equally' accountable" will not be to ruin Halperin's career (although that is likely), or to change the corporate culture, but to constrain ABC from appearing to skew its campaign coverage in favor of Sen. Kerry in the future.

Which leaves NBC.