--Before the interview, around 8 am, they talked about who would be on the show--

Diane Sawyer: And National Champion Michelle Kwan did it again. (A clip of Michelle at Nationals is shown while they are talking.) She dusted herself off after her loss at the Olympics. And coming back with a vengeance…and with a triple salchow.

Robin Roberts: Oh, you don't! That was totally a triple axel. Please!

DS: Oh, I'm sorry. I don't know! (note from Heather: it was a triple loop.)

RR: But she won her seventh national title, sixth in a row.

DS: Isn't she gorgeous? She's great.

RR: And she'll be with us live here this morning.

--Then at 8:13 am--

DS: When we return, among other things, the unstoppable Michelle Kwan. (Woman on the end of the panel cheers, pumps her fists, and says "yay!" Robin Roberts says to her "yea, she's great." Then, as they go to commercial, they show Michelle going into her end pose during Aranjuez.)

--Then at 8:23 am--

RR: Oh, Michelle Kwan (crowd is loudly cheering) the place is going wild! Oh, my goodness.

DS: I'm Diane Sawyer. Welcome back again.

RR: I'm Robin Roberts. Charles Gibson is away. But who is here? The comeback kid (Diane laughs) Michelle Kwan. (crowd cheers loudly. They show Michelle sitting, and she waves) Oh, the Olympics, the Olympics did not turn out the way that she would have liked, but she picked herself back up, as true champions do. Her sixth consecutive National title over the weekend. (A clip of Michelle at Nationals is shown.) Now, what's this, because we've been debating about this. Is this is a triple salchow, uh, axel? (A clip of her triple loop at Nationals is shown.)

Michelle Kwan: Triple loop. (Note from Heather: That's what I told them, LOL!)

RR: Triple loop, Diane! Triple loop.

DS: The way you hassle me, you didn't know either! I just defer to you on everything. She's going to be here to talk about her comeback at Nationals this weekend.

--Then, finally, at 8:33 am, the interview--

RR: She's ba-a-ck. Michelle Kwan faced off against the woman who spoiled her dreams of Olympic gold a year ago. And this time, Michelle took home the gold. The most decorated figure skater in US history, ladies and gentlemen, please welcome Michelle Kwan. (Crowd cheers loudly. Michelle laughs.) It's so good to see you.

MK: (Michelle is wearing a whiteish/cream colored jacket over a beige top. She is also wearing jeans, and tan colored heals. Her hair is down. She looks radiant.) Good to see you, too. Thank you. (Laughs)

RR: You know, I, I read something here, you, they just really supported you. Your fans, I mean, we saw that in Dallas. They're, they're just throwing stuffed animals on the ice and flowers, and the, the support that you're, you're receiving here in New York. Did that really sustain you?

MK: (While she's talking, a clip of her ending Aranjuez, as well as the response from the crowed, at Nationals is shown.)It's an overwhelming feeling. I, when I was at Nationals in Dallas, the applause was so loud when they announced my name that I had to composed myself for two minutes before I had to, before I started my position, because, it's like, OK, just focus. I know what I've got to do. I've got six triples to do, so concentrate. (Laughs)

RR: And you went out, and it was a magical night for you. And the last time that many people had seen you was, of course, in Salt Lake where it didn't turn out the way that you wanted (Michelle shakes her head), and young Sarah Hughes comes from fourth. She was there in Dallas, as well. (This picture of the Olympics podium is shown.) So it was, it was wonderful. The same Olympic team, the three of you. And, um, to be there and to compete against Sarah, and for the results to be different this time must have been gratifying.

MK: Well, last year was definitely, uh -- a long season. Some ups, some down. Nationals was great. Olympics, uh, it's just (snaps fingers), you know, it's one of those things that you, you can't take back, but you have a great experience. And this year coming into this season, I had no expectations (shrugs shoulders). I just wanted to go out there and skate my heart out. And I felt free and so alive. (A clip of Michelle skating to Aranjuez at Nationals is shown.) The arena was just, it was…I, I don't know. It's, I'm still on cloud nine right now.

RR: You said you felt, you, you said that you felt on fire. That you just, you…is it just a feeling that you know that you're on -- in both programs?

MK: In both programs, the short and long. I felt like, oh I could keep on going. Let's keep on going. The audience was into it. And the music stopped, I'm like (gasps) -- I just froze. I was, like, my, the energy from my hands, from my, it just, it, it was pouring out, and I was overwhelmed with just emotions. (Clip of Aranjuez ends.) I worked really hard, you know. Lots of people have supported me. (Another clip of Aranjuez at Nationals is shown.) The fans, my family, my friends and just support me in any decision I made, just to stay in, competing or to go on to school. It was just - AH!

RR: I love what you said. It's like people, you said it's not like I was sitting around on the couch eating, potato chips all this time since the Olympics. You actually were out working. You weren't just sitting down. You were getting back. But, Michelle, there's so many of us that have faced similar disappointments like you, and we find it so difficult to pick ourselves back up and to get back out in the arena. Whatever our, whatever that we're going for. How did you…where did you find that to come back again?

MK: Well, I've been very fortunate, um, through my skating career that I've been able to have ups and downs, you know. I've had a long, long great career. And I realize that it's a sport. I'm here to have fun. And as I've gotten older, I realized that. You know, that the upsets aren't that bad. (Clip of Aranjuez ends.) You know, and you do have to pick yourself back up, and find inspiration, get motivated. And I've been able to do that because of my family and my friends and the fans out there that keep on cheering me on (smiling). And, you know, it's, it's not so much the medals, it's…

RR: Which you have plenty of. (Michelle laughs) Well, I mean, let's face it. You have seven national championships, you have four world titles, you have two Olympic medals, a bronze and a silver. And at age 22, you're eligible for, social security (Michelle laughs) as, you know, in skating, you know. But, yet you, you still stay there. So now, Worlds, that's your next…

MK: Well, there's another competition, the Grand Prix Final, that, um, is in St. Petersburg. So, I…I, it's either (clasps hands), I've got a few options, I…

RR: Are you gonna come back for another Olympic games?

MK: (Smiles, almost with a twinkle in her eye) Maybe.

RR: Maybe!?

MK: Maybe! (Laughs)

RR: All right. OK, Michelle.

MK: Stay tuned.

RR: OK. Always a gracious champion. We appreciate your time. And congratulations.

MK: Thank you.

RR: You're always so elegant. All right. Michelle Kwan.

All screen captures linked in the transcript were done by me. Also check out some my others from the show: pic #1, pic #2, and pic #3

Also check out amethystbatgirl's screencaptures from the interview.

Watch a real video clip of the interview, courtesy of Moyesii!