The problem with the truth squad is not so much that they are out there, but that they are a grouping of law enforcement officials using their position as law enforcement to intimidate voters.
If they hadn't come out and said, "We are prosecutors and law enforcement who are going to come after those who imply or speak falsehoods about Obama" it wouldn't be a big deal.
Now the McCain supporters in Missouri are concerned with "if I send this email" will I get in trouble? If I publicly support McCain, will they go through my law records and ruin my good name? Perhaps an unpaid parking ticket, or a DUI when I was 21?
This is voter intimidation and it's wrong.
However, if they hadn't organized as 'law enforcement officials' it would be no big deal.