It appears that it just might be:

Conservative media outlets rushed with surprising vehemence to defend Sen. John McCain (R-Ariz.) on Thursday against a critical article in The New York Times, embracing a maverick they have often attacked.

Rush Limbaugh calls it "the drive-by media ... trying to take him out."

Laura Ingraham, another influential conservative radio host, said the Times waited until McCain was on the brink of the Republican presidential nomination and now is seeking to "contaminate" him with an article that she calls "absurd" and "ridiculous."

Amazing how much some of these talking heads wanted to smear McCain, yet when something comes out smearing him they defend him. There's a few avenues this story can take now:

1. The story dies down in the next couple of weeks and people just forget about it.
2. The New York Times gets exposed with another Jayson Blair type incident.
3. More evidence comes out really incriminating McCain.

It is too early in this story to tell which avenue this story goes. I highly doubt the second option happens, so it leaves it to 1 or 3. I could easily see either option happening.