Turns out that it is not a dud. I think it is safe to say we should get to look at the underlying documents including the FISA warrant. It certainly looks like there was an anti-Trump bias by some who wanted the warrant and it appears that the Steele dossier did play a role in the investigation.
Having read the memo now, I do wonder why the Democrats were hysterical over its release. It is neither as massively a bombshell as some Republicans have said it would be nor is it as much a dud as some Democrats said it would be. It is much more reasonable than I suspected, to be sure, but it does raise some reasonable concerns about a few individuals involved in the investigative process.
Here's the thing though -- I suspect the Inspector General report is going to be a bigger deal than this memo.