What to make of Andrea Rossi's apparent cold fusion success

Rossi based his assertions of excess heat on the nearly complete vaporization of room-temperature water (26.5 °C <79.7 °F>) into dry steam (100.1 °C <212.2 °F>). Rossi assumed that all of the water that enters the device leaves the device as dry steam. If this were true, the device would produce lots of energy since a large amount of energy is required to vaporize water into dry steam. (In his 2010 paper, Rossi originally claimed to produce 213 times more energy going out of the device than the energy coming in. Since then he has lowered his estimates several times, and now claims a maximum energy gain of 6 times.)

However, if the steam contains any liquid water droplets - even tiny ones - it would significantly reduce the amount of heat being produced. During his visit, Krivit found that Rossi did not check for complete vaporization. The hose through which the output steam flows was inserted into a sink drain, and there was no way to know if liquid water is going down the drain. According to Krivit, Rossi did not use any valid devices that were capable of measuring the steam quality.

Further, three scientists calculated that, based on the diameter of the hose, the steam should have an exit velocity of 67, 76, or 137 mph. When Krivit visited Rossi, he took a video of the steam exiting the hose, which he said appears to be flowing at around 10 mph - the expected velocity due to the amount of electrical input energy.

http://www.physorg.com/news/2011-08-controversial-energy-generating-lacking-credibility-video.html

More curious is the lack of a story from Associated Press. AP science reporter Peter Svensson flew from New York to attend the demonstration, and live coverage of the event was curtailed to give AP the exclusive. But Svensson has so far not written a word about it. Some online commentators suggested that he had been silenced by "Chinese-style information censorship." When challenged, AP apparently initially tried to deny Svensson was there, though photographs suggest otherwise.

...“What end game is there for Rossi in the ‘hoax’ hypothesis other than jail or court, penniless and disgraced?”

Note that prison, bankruptcy and disgrace have never been deterrents for Rossi. See his prior fraud convictions and imprisonment.