Vets for Freedom is a nonpartisan 501(c)(4) organization which focuses primarily on educating the American public about the importance of achieving success in the Global War on Terrorism by applying our first-hand knowledge to issues of American strategy and tactics. Vets for Freedom PAC is a federal political action committee which aims to support those candidates who recognize the importance of achieving success in the Global War on Terrorism. Vets for Freedom and Vets for Freedom PAC are separate organizations.
I'm not enough of an expert on election law to know what exactly 501(c)(4) organizations are allowed to do in a campaign (more than 501(c)(3) organizations and somewhat less than 527s, I think). The FEC tends to take a kid gloves approach to these matters; their pattern is to wait until after the election to go after lawbreaking organizations in civil court. So while pressing this issue might help to puncture John McCain's image somewhat (and deflate his recent gambit of planning Obama's travel schedule), I doubt there will be any real consequences for anyone.