Good news, in my opinion, for the party on a number of levels:
"Schumer, D-N.Y., agreed to head the Democratic Senatorial Campaign Committee and take a seat on the powerful Finance Committee, giving up his anticipated 2006 gubernatorial campaign, a race which could have pitted him in a primary against state Attorney General Eliot Spitzer."
The way I see it, this frees Spitzer fom having to fight Schumer in what would have been a bruising primary. Schumer is a hell of a fundraiser and he is as ruthless as any Republican: A trait we depserately need right now.