This is important for the 2007 election because it will be decided in large part by turnout -- which side (presuming its Sarko vs Sego in the 2nd round) can pick up more support from within his or her own "political family" (ie, non-UMP on right, non-PS on left). WHats impressive about Sego right now is that while she's running, thematically, to the center of the left (emphasizing family values, respect for the state and at least making noises about 3rd way economics), she is showing strong support from "DDS" voters who are likely to vote Green, Besancenot, PCF or not vote in the 1st round.
Sarko of course is basing his entire campaign on picking up Villiers and even LePen 1st-round voters in the 2nd round.
So if the Clearstream scandal continues to blow up, as now appears likely, and takes out Villepin and demoralizes or disgusts the harder right of the electorate, it will certainly hurt Sarkozy in the 2nd round (and the right in the legislatives that will follow).
This could of course help LePen but I wonder if it will help Bayrou, who for years has tried to position himself as a "moral" candidate and man of conscience on the right.
Logically, (if it all really blows up), Sarkozy has to go scuttling back to the centre to avoid the two above-mentioned making hay there. That wasn't planned until much later -- at the moment he's in full extreme-right mode. As these latest leaks were published yesterday, he was defending in the Assembly his new hard-line immigration law. Coming back to the centre will make him do the splits. So, though he's saying he wants the investigation on who was behind the Clearstream smear to go through to its conclusion, I expect he'd like it to be a whitewash allowing Villepin and Chirac to limp on to the bitter end.