The Good News - He announced that he won't run for re-election to Congress, no matter how his Presidential bid goes.
From the Washington Post -
Tancredo Won't Seek New Term
Colorado Rep. Tom Tancredo has had enough. Of Congress, that is.
The five-term member of the U.S. House and long-shot presidential candidate has decided he will not run for reelection in 2008, ending his congressional career as he continues to seek the White House.
Before the dancing in the streets starts, however, it should be noted that there has been talk of him running for U.S. Senate. If he goes that particular root, he'll find a strong candidate already running for the job, Rep. Mark Udall.
The full Rocky Mountain News article on Tancredo's announcement is here.