Those interpretations are in the minority, from what I can gather. The conventional analysis of the situation is what was in the Mukasey piece in the Wall Street Journal last weekend. In short, if she wasn't a candidate for the office of the Presidency, if her last name wasn't Clinton, if she was a regular joe with top level security clearance, she'd undoubtedly be indicted and on trial. Her career would be over, she'd be facing heavy fines and very possibly jail time.
Which isn't to say that's how it will work out. She is clearly a very powerful person, with very powerful friends. Will the Obama Justice Dept. choose to pursue this? Will not. Wouldn't surprise me. Just one more example of Clinton scandal, and one more example of her defenders saying "see, she did nothing wrong, right wing conspiracy."