I guess you either know about it or you don't. If you watch Sportscenter at all or even follow sports in general I'm sure you've heard about the ordeal somewhat. Pretty big stuff.
Pretty disturbing stuff.
Does Paterno deserve to be fired over this? I don't know. He reported what he had been told to the higher authorities... he could have called the police. But if anyone was to call the police you would think it would be the person who actually saw it right?
In the short term yeah, Paterno will have his legacy tarnished by this... we'll have to wait and see what unfolds to know if it will stick with him in such a large impact.
Here is a link to the Grand Jury investigation... it's got some disturbing stuff. But towards the beginning (page 6, victim 2) it involves Paterno, everything else is unrelated to Paterno as far as we know.
It's horrible how this all happened and nothing was done to stop it.
http://assets.espn.go.com/photo/2011/1107/espn_e_Sandusky-Grand-Jury-Presentment.pdf