It's full of lies after lies. There's no use calling them distortions or typical campaign ads that don't tell the whole story. They are lies, completely and utterly proven lies.
Sarah Palin did not stop the bridge to nowhere like the ad claims and like the GOP won't quit exclaiming. She fully supported the bridge only to flip-flop after national humiliation forced her to. She kept the funds for the "pork project" and spent them on other pork projects. She didn't say 'thanks but no thanks.' She lobbied for the bridge, kept the money and spent it without Congressional approval.
There isn't an ounce of truth left in McCain or the GOP. They will do whatever they can to hold on to power and continue their incompetent government. They have everything to lose so lying is the easy part. But this is about as untruthful as it gets.
*Update:
Meet Gov. Sarah Palin

**Update:
Is the MSM finally catching on to McCain's lies? Maybe a little, but a lie is a lie is a lie. Call it that way. Sarah Palin did not tell the federal government 'thanks but no thanks.' In fact she supported the Bridge to Nowhere, gladly accepted the federal funds to build the bridge and then once it became a national laughing stock and outright waste of taxpayers dollars, Palin decided not to fund the bridge but kept the money and spent it on other projects. When her and McCain say that she killed the Bridge to Nowhere and that she said 'thanks but no thanks,' THEY ARE LYING. Plain and simple.