Kevin Drum has a great post, doing detailed analysis and evaluation of the distortions by both Bush and Kerry in the last debate. Result: both candidates lied, but Bush was far worse.
My minor addition is from my own post back on April 23, regarding Bush's wetland promises:
"The not-so-good article that's half-worth mentioning is an AP report carried by the Washington Post, saying Bush plans to recreate, improve, and protect 3 million acres of wetlands [UPDATE: link doesn't work now - try this site instead for the same information]. The fine print is that one million of the three million acres is slated to be "protected." The government already has the job of "protecting" wetlands, so that is an empty promise. "Improving" applies to another million, but large improvement projects are already in the works, so he could be taking credit for something already planned. Improvement could also be extremely marginal and still count under his plan. The million new acres could be good, unless he's counting the wetland restoration projects already in the works."
Kevin is over-generous in rating the debate statement "I've got a plan to increase the wetlands by 3 million" as a minor lie, when it was only 1 million acres.