The AP is reporting The One has relieved General McChrystal, but we are waiting for the President's announcement, as we speak. Gen. Petraeus will replace McChrystal, supposedly. God help us.
Update, 1155 hrs: I think the President made the wrong decision by relieving Gen McChrsytal, but he was appropriately presidential in so doing... at least based upon the content and tone of his address, just now concluded. This whole flap was much more about perception than reality, but the two are often confused.
I certainly wish Gen. Petraeus well, and I hope he holds up under the additional responsibility. The span of control maxim is at the very edge of the envelope here.