After rating hundreds of claims in the 2010 election -- from TV ads, debates, interviews and mailings -- we're giving an overall Truth-O-Meter rating to the campaign.
We rate it Barely True.
In a majority of claims checked this fall by PolitiFact and our eight state partners, we found a grain of truth, but it was exaggerated, twisted or distorted. (We define Barely True as a statement containing some element of truth, but it "ignores critical facts that would give a different impression.")
This makes sense to me.
While lying might get a candidate into legal trouble, creating an ad based on a skewed version of the truth is often considered "politics as usual." Even if the press or their opponent is able to explain why an ad is false or twisted, the damage has been done. Campaign-wise, it doesn't really matter if an ad gets a 'C-' from the local newspaper if it has already earned you a few thousand votes or dollars in campaign donations.
It's unfortunate, but that's the way our campaign system works.
Also, here are the PolitiFact profiles for Harry Reid and Sharron Angle.