The House ethics committee found Rangel guilty of multiple house rules. CNN has a breaking news article on the topic but so far it doesn't contain any more information than I stated in my first sentence.
I predict he will get a strongly worded letter from Pelosi and be forced to have a beer with Obama to absolve himself of his sins.
Update: Ed Morrissey adds his thoughts.
There probably won't be much drama to the conclusion. The Ethics Committee investigation only recommended a reprimand from the outset. That's the equivalent of a harshly-worded memo, which carries no other penalties at all. A censure is a reprimand read aloud while the defendant stands in the well of the House, which basically means a harshly-worded memo and a YouTube that will live forever.
The only real penalty would be expulsion, and don't think for a moment that Rangel's allies will allow that to happen. It's too bad, really, because as his constituents demonstrated two weeks ago, that's the only way Rangel will ever leave Congress.