Here are two key points of the memo, according to Power Line:
The fake “dossier” compiled by Christopher Steele with the assistance of unknown Russians “formed an essential part of the Carter Page FISA application.
In fact, McCabe testified before the committee that no FISA warrant would have been sought without the fake dossier.
Steele was paid over $160,000 by the Democratic National Committee and the Hillary Clinton campaign to come up with derogatory information–true or false, apparently–on Donald Trump.
DOJ and FBI failed to mention in their FISA application that it was based on opposition research paid for by the Clinton campaign and the DNC, even though this apparently was known to the FBI.
This is very serious. My guess is that the partisanship will drive this to an independent counsel.