Colin Powell's comments after his appearance are arguably more interesting than his comments on Meet the Press. He really criticizes the Republican party and their BS talking points. He particularly addresses the lines about taxes being Socialism and the dividing up of people into pro-American and other.
It is devastating to the Republican party and will affect more than just the Presidential ticket.
My favorite quote of the piece is this part regarding taxes
And now I guess the message this week is we're going to call him a socialist. Mr. Obama is now a socialist, because he dares to suggest that maybe we ought to look at the tax structure that we have. Taxes are always a redistribution of money. Most of the taxes that are redistributed go back to those who pay them, in roads and airports and hospitals and schools. And taxes are necessary for the common good. And there's nothing wrong with examining what our tax structure is or who should be paying more or who should be paying less, and for us to say that makes you a socialist is an unfortunate characterization that isn't accurate.