the actual memo can be found
here.
the text of the memo simply states that al qaeda is an effectively run terrorist organization motivated by a fundamental islamic agenda.
wow. how very insightful mr. clarke.
seriously, i was a furniture delivery guy at the time and i could have written the memo. al qaeda is a threat? uhh, yeah. they've attacked our country MULTIPLE times on mr. clarke's watch. khobar towers, african embassies or the USS Cole ring a bell? i'm certain his memo did not reveal anything that ms. rice was not already aware of.
the role of this memo in the political realm is simply a way to leverage opposition to the president by way of presenting the story without context to a public who loves scandal. al-qaeda as a threat was a long-established fact... we have absolutely no reason to believe that the attacks could have been prevented had this memo been treated differently.