Lorie Byrd at Polipundit and Instapundit say this is one of the most devastating political ads they've ever seen: former Swift boat veterans blasting Kerry. Not just any such vets, these gentlemen SERVED with Kerry.
UPDATE: Upon further review, I'm not impressed. There are a bunch of veterans in the ad who served with Kerry and claim that he lied about his purple hearts and his actions that led to his bronze and silver stars. But that's it, the bare assertions.
Kerry is not credible on a lot of issues. And I think he DID volunteer to go to Vietnam in part so that he could later use his service as a qualification for political office. But aside from calling Kerry a liar, this ad tells me nothing. Therefore, unless there are follow-up ads that actually EXPLAIN why these men think Kerry is a liar, the ad has no more credibility than Howard Dean does on national security.
UPDATE 2: Dr. Joyner thinks that the Swift Boat vets are starting to sound like a tinfoil hat brigade.
UPDATE 3: Captain Ed says that this whole thing will backfire against Bush if the Swifties concentrate their attacks on questioning Kerry's (laudable) actions in Vietnam instead of questioning his (disgraceful) actions after he returned.
CORRECTION (and corrected above), the Polipundit agrees with me; Lorie Byrd, a Polipundit contributor, said the ad was devastating.