"The Bush Administration must immediately act to investigate, apprehend those responsible, shut down the website, and warn airlines and aviation security officials to be on the look-out for fraudsters or terrorists trying to use fake boarding passes in an attempt to cheat their way through security and onto a plane."
Shoot the messenger! Shoot the messenger! For the love of god won't somebody PLEASE shoot that messenger!?
Update: This story is developing fast. According to a security researcher (who is maintaining their anonymity), Christopher Soghoian has been approached by the FBI. He has not been heard from since claiming that the FBI was at his door during a conversation with the unnamed researcher. The FBI is denying that he is under arrest, however the page with the boarding pass generator went down shortly thereafter. The rest of his website is still up and his IM account are both still online.
More information can be found on the Wired blog and BoingBoing.
Update2: Here is another quote from the Wired article linked:
In reality, the "loophole" is nothing new. Security expert Bruce Schneier wrote about it in 2003, and the online magazine Slate covered it as major news in 2005. Soghoian points out that Sen. Chuck Schumer (D-New York) publicized the same security hole in April 2006. "Perhaps Sen. Schumer will end up being my cellmate," Soghoian said.
Update3: Chris has been raided by the FBI and many of his possessions have been seized.