It may be worse than that. I don't think Arnold's going to want to leave the corridors of power now that he's had a taste. Arnold may ultimately be a smoother Huey Long.
Say what you want about his character, the fact is he's been a success at everything he's put his mind to, and I think that if he can't constitutionally be President of the United States, he'll want to go as far as possibly can. IMHO, his acting days are over, but Arnold won't be satisfied being put in the same Trivial Pursuit category as Gopher from Love Boat or Cooter from Dukes of Hazzard. Don't be shocked if he challenges Feinstein or Boxer for the Senate in future years, or perhaps in the Congress in an SoCal district where he's assured of perpetual re-election, making him a cinch for committee chairmanship.
In 2003, Sean Hannity was flailing away trying to convince the base in CA that Arnold was one of us, and would always site him throwing red meat to the CRP as proof. Now, Hannity's trying to do the same thing with Rudy. Fool me once, shame on you. Fool me twice...
Not only Hannity. Rudy even has the same FR cheerleaders that brought us Arnold.