WaPo’s fact check goes after Valerie Plame and that political ad. beta.washingtonpost.com

Also:

The ad strongly suggests that Plame was an undercover operative in places such as Iran and North Korea, when that was not the case. (She was under diplomatic cover in Greece.)

…

Plame’s name and CIA role was first disclosed in Robert Novak’s column. Novak’s original source was Armitage, and his confirming sources were Rove and a CIA spokesman. Novak’s column led to the firestorm that launched a federal investigation. But no evidence shows that Libby disclosed Plame’s role to Novak.
Administration officials were certainly eager to try to discredit Wilson, who had emerged as a damaging critic about the failed search to find weapons of mass destruction in Iraq. One can possibly draw a fuzzy line from Libby’s inquiries about Wilson’s role, the State Department memo and Libby’s conversations with administration officials to the eventual leak of Plame’s name. The possible seeding of the leak is what keeps this statement from being a Four-Pinocchio claim.
Plame earns Three Pinocchios.