Well, that was fast. Honestly, this is silly; there's no way the effects of March anti-Kerry ads are going to be felt by November. Bush is blowing this cash for nothing.
More importantly, though, he's sacrificed the high road. That's just dumb; the best weapon a sitting president has in an election is the aura of being "above the fray" that the role of Head of State grants him; sacrificing that may be necessary when the fall rolls around, but in March? Not only will it weaken a key electoral tool, but it screws with the effectiveness of the presidency as well, as his "bully pulpit" will be even further sullied by an image of vicious partisanship.