Well, the news was what we feared.
She has complete AVSD, which is arterioventricular septal defect. basically, a hole in her heart. It is repairable by open heart surgery when she is about 3 months old, assuming the defect will not get worse. This is aweful in itself, but also that is has a strong association with down's syndrome. The cardiologist said that if he sees 15 of these defects per year, then only one will not have down's. That's all we have to go on, since we declined early prenatal testing for down's and husband is declining amniocentesis (I'd do it, but want to respect his concerns).
I know we should be used to getting bad news, and being in the small percentile that sucks, but this is really hard to swallow.