Despite the lack of significant criminal referrals and the refusal to take anything short of a written confession as evidence of bad intent, the Horowitz report does do something significantly positive: it validates the reporting on the SpyGate controversy for one side, and destroys that reporting on the other. Nunes' initial memo outlining the problem is validated, and Schiff's counter-memo is exposed as a tissue of lies. The dossier is demonstrated to be the primary reason for granting the FISA, and is proven false. The FBI is proven to have known it was a pile of lies, yet continued to rely on it before the court, withholding exculpatory information and even falsifying data to the court.
While certain aspects are not proven (eg, the role of the intelligence agencies in creating the investigation using agents such as Mifsud), they are not disproven either.
So while the report is clearly imperfect and fails to bring the conclusions to their proper end with criminal referrals, it does significantly advance the ball for our side. If this was the final play, it would be a tie -- neither side got what they wanted. But it's not. Durham and Barr are clearly still pursuing matters.
So we're in the final quarter and the score is tied. It's up to Durham now.
UPDATE: A comment made late in the Senate hearing that I just noticed. Asked why the report doesn't specify criminal referrals, Horowitz responds that he felt the conduct within was so serious that he simply forwarded the whole report to DOJ/Barr to make those decisions. So, effectively, everyone mentioned in it has been referred for potential criminal prosecution.