Dennis Miller (sorry, Dave) was making the case for waterboarding. O'Reilly has been doing the same thing lately.
I have yet to hear either acknowledge a fundamental problem with their position: Waterboarding is torture (the author of the linked post, Marty Lederman, is now deputy assistant attorney general in Obama's Office of Legal Counsel, so his opinion carries weight). As such, waterboarding violates U.S. law and the Geneva Conventions, not to mention our national ethos.
Of course, we could change U.S. law to endorse torture if we wanted to. George Washington would spin in his grave if we did that, but he's probably used to spinning by now. But do we really want to repudiate the Geneva Conventions? Bad idea.
Not only that, failing to prosecute those who authorized waterboarding also is a bad idea. I'm as queasy as the next guy about devoting a lot of time and energy to running down crimes of the previous administration, but we really have no ethical alternative. Either nobody is above the law, or some people are. And if some people are, then this isn't America anymore.
UPDATE: Andrew Sullivan weighs in and adds a great quote from "A Man for All Seasons."