Why Rove hasn't been indicted yet

Murray Waas offers a very plausible explanation. On the night of July 9, 2003--after Joe Wilson's NYT oped appeared but before Novak outed Wilson's CIA wife:

... the voluminous material on Rove's desk -- including talking points, related briefing materials, and information culled from confidential government personnel files -- involved a different woman: Frances Fragos Townsend, a former senior attorney in the Clinton administration's Justice Department whom President Bush had recently named to be his deputy national security adviser for combating terrorism. [...] According to the accounts of their conversations that Rove and Novak gave to federal investigators, the subject of Valerie Plame came up only after they had finished talking about Townsend.
[...] Both Novak and Rove have told federal prosecutors that it was Novak who raised Plame's name, with the columnist saying he had heard that "Wilson's wife" had worked for the CIA and had been responsible for having her husband sent on the Niger mission.
"I heard that too," Rove responded, according to published accounts of what Rove told federal investigators of the conversations. Novak's version of what was said has been slightly different. He reportedly has told investigators that Rove's response was something to the effect of, "Oh, you know about it."

The key? Rove & Novak were scheduled to smear a different woman; they wound up discussing Joe Wilson's wife as an after-smear. Or so the story goes...

I'm still holding out for one more Fitzmas miracle. I know you're busy with Conman Black but you're a rockstar! C'mon: I know you have another'n in ya :)