The general consensus is that Bush wants to do his friend Alberto Gonzales a favor by appointing him to SCOTUS. To my understanding, there are two conservative briefs against him. First, some cases in Texas which appear to have been decided against conservative interests. This is not clear and the case is not strong, IMHO. Second, he is personally pro-choice. This is ironic when contrasted against Miers.
I don't think Gonzales would be a disastrous choice either.