"Look, three love affairs in history, are Abelard and Eloise, Romeo and Juliet and the American media and this President at the moment. But this doesn't matter over time. Reality will impinge. If his programs work, he's fine. If it doesn't work, all of the adulation of journalists in the world won't matter"

This quote by George Will is referring to the present relationship between the American media and the President. He is recommending that the media's adulation of the President will not matter in the long run if his programs do not work. Will is comparing the existing circumstance to three famous love affairs in history, Abelard and Eloise, Romeo and Juliet, and the American media and the President. He is suggesting that the media's adulation of the President is a short lived love affair which in the end, reality will prevail. Will is suggesting that if the President's programs are successful, then the media's adulation will be justified, but if the programs fail, then the media's adulation will not matter.