In 1978, did Bush lie about being in the Air Force?

[Tummler]

This story's old news; here's the gist of it to refresh your memory:

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In his 1978 congressional campaign Bush claimed that he had served in the Air Force. "A pullout ad from the Lubbock Advance-Journal on May 4, 1978, showed a huge photo of George W. with a 'Bush for Congress' logo on the front. On the back, a synopsis of his career stated he had served in the U.S. Air Force and the Texas Air National Guard where he piloted the F-102 aircraft.' When confronted about the misleading ad years later, Bush claimed that while he was attending flight school from November 1968 to December 1969, he was considered to be on active duty for the U.S. Air Force. The military branch denied his assertion by stating that Air National Guard members were considered 'guardsmen on active duty' while receiving pilot training. They were not, however, counted as members of the overall active-duty Air Force."

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My question for the experts among us: does the conclusion that Bush LIED still hold up? If so, shouldn't we be hammering Bush over this major falsehood?