I predict a Great Wavering on this one. I hope I'm wrong. This scum-bag deserves to be executed, then revived then executed again. And Arnold knows that. No doubt about it. But Arnold is deeply shaken by his recent defeats. Under the stress of those loses, I think he's about to make a big political and moral mistake. In the mistaken belief that he can placate the leftist hordes who trample his state.
He wouldn't be the first to succumb to appeasement. Having said that, I think he will deny clemency. Time will tell.
If I were Arnold, I would repay the Fraternal Order of Police's campaigning against Prop 75 by pardoning every damn cop killer in the state.