Not the most effective attack ad.
The Boy who cried Wolf administration is running an attack ad with wolves?
Ooookay.
I don't know how this ad will work with the true believers, but it strikes me as singularly ineffective that the administration that spent most of 2001 fiddling will be, what, trying to claim that terrorists will take John Kerry unawares? So far, the terrorists have had a much better record of taking the Coward in Chief unawares, and I don't know if running around shrieking Terror Alert! Terror Alert! is likely to make the already whoppingly incompetent administration look any less incompetent. (And, for that matter, the administration that's got the their Homeland Security© and national security secretaries running around campaigning is not an administration that's paying too much attention to Terror Alert!™'s right now.)
Atrios claims that the audience on Crossfire laughed when they saw this ad; this doesn't bode well for trying to terrify the electorate into voting for the wrong person.
Perhaps they are trying to get the vote of the North American Man-Wolf Love Association. I know that some leading lights of the Evil Party are very interested in that sort of thing.