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All of which raises the question: is Frank Wolf not running for reelection? If he IS planning to run for reelection, this is certainly a strange way of going about it. Another explanation, of course, is that he's doing what Sen. John Warner did (stopped raising money) before he publicly announced that he was retiring. Sounds like "deja vu all over again" to me.
P.S. If Wolf doesn't run, I'd expect a number of Democrats (Karen Schultz? Mark Herring? Mike Turner?) to throw their hats in the ring. I'd also expect a number of Republicans to do the same. This would be a fascinating race, considering that Frank Wolf has kept winning in a district that has gone to Tim Kaine, Jim Webb, Mark Warner and Barack Obama in recent years.
UPDATE: Evan Macbeth has a few more thoughts on this subject.