From the Hill:

"Democrats throw the spirit of reform out the window."

Basically the reality is this, Democrats have spent years demanding that the election system be changed. In particular they said "the campaign finance system was corrupt and must be thrown out". Now that they have accomplished that feat (McCain-Feingold) the Democrats have rushed into breaking the system they have just created.

The idea was to end soft-money.

The Democrats have now created an array of soft money groups to do just what they said they hated; bring large unregulated special-interest money into politics. They are raising tens of millions to improperly influence the national elections.

The Republicans aren't doing it.

Apparently the Republicans are relying on massive numbers of small individual donors and have decided to stick within both the spirit and the letter of the law they opposed.

The irony is delicious.