My opinion is that since Tom McClintock does not have enough time to sway moderates (i.e. voters without firm political convictions) to his side, there is no chance that a conservative can take the Governor's Mansion. Since I believe that way, I would rather have someone in the Governor's Mansion who will cost the Democrats tens of millions of dollars defending California from Bush in the next election.
If Schwarzenegger is elected, the DNC will have to spend valuable resources (which are always in short supply by the Dems) in the major media markets up and down California to counter the bully-pulpit that he will be campaigning for Bush from.
If Bustamante is elected, the DNC can focus that money on Pennsylvania, Michigan, Ohio and Indiana to try their Rust Belt strategy that almost put Gore in the White House.
Okay,that is a real answer.