Matt Drudge has the exclusive and still developing story.
UPDATE: Damn -- it was all just a glitch:
According to the network, "A portion of the switcher experienced a momentary glitch." The "X," the news organization explains, was in fact a place-marker for the CNN logo, which was being cued for transition. It was for operator use, and never meant to go on air. Drudge skeptically quotes the CNN statement, which further characterizes the incident as, "A technological malfunction not an issue of operator error."
Bloggers Dan Report and Intoxination have analyzed the video, isolating the key effects (images superimposed over the primary video). Revealed were the "X" and the words "Transition appears over 5 frames," which are even somewhat visible on the Drudge image. This would seem to support CNN's claim.
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