I think Bush clearly is referring to constitutional governance. Democracy is just a catch-all term easier for people to grasp and comprehend then a term of art like constitutional government. It is a bit cumbersome in a soundbite to provide an in-depth political science lesson.
It is a media myth that Bush only pushes for elections minus a multi-party element or constitutional and democratic institutions. They clearly haven't been listening when Bush has spelled out beyond just the soundbite what he means by the spread of democracy because he has specified the importance of the development of both constitutional and democratic structures in the type of transformation he wants to bring about in the Middle East. It's more than just electioneering. The media lapdogs are too busy seething with rage to hear the nuance and detail in his statements on the spread of democracy abroad.
But words matter. "Constitutional government" is eight syllables to "democracy"'s four, but it doesn't mar a sound-bite to make the subsitution.
The beneficiaries need to hear and absorb the longer term, or jacobinical majoritarianism will be what they expect, and will give themselves once they are not under our direct tutelage.