The first reports that I heard was that Representative Gabrielle Giffords (D, AZ 8th) was killed, but as of this writing she was merely wounded and was even responsive. I hope that she recovers enough to serve out the rest of her term.
After visiting the suspected shooter's Youtube page, (hat tip to DailyKos) I think that he was either mentally ill or trying to convince everyone else that he was mentally ill. Whatever the case, I hope he stays locked up for a long time.
Lastly, I hope that this does not have any undue impact on public policy. I hope that this does not affect any upcoming votes in Congress. I don't want any controversial bill to lose by a margin of one and have people say that it would have passed if Mrs. Giffords had not been shot. Finally, I hope that this is not used to rationalize more infringement on our civil liberties. The world can never be as safe as we would like it to be, but we can still live our lives as we choose.