Bush commutes Libby's sentence

Story here. Frankly, I think this is a terrible move. I've long thought that the whole Wilson imbroglio was very very oversold. The actual leak that got Plame's name in the news was from Richard Armitage, not Scooter Libby. Fitzgerald didn't deign to prosecute Armitage, which says something about the seriousness of the leak.
Libby was basically prosecuted for having different memories than a bunch of journalists, hardly a high crime. He was transparently convicted because members of the jury are upset with the administration. It was hard to see this as real justice being done.
But. It was also due process in action. A jury gave a verdict and a properly commissioned judge handed down a sentence. As much as I disagree with how it got there, we should respect the process. Bush's actions undermine that.
In the late 90's, conservatives argued that perjury was important and that being part of a political administration shouldn't protect someone from breaking the law. If we still believe that, we should be upset by this. I did and I am.
Update: The counter argument here.