Well, the underlined is a bit overstated, but I imagine he's saying that it "won't be good." I'd agree with that.
However, even if he gets Harriet Miers stuffed in his ear by the Senate, he is still President of the USA for the next 3 years. He still gets to veto things, sign things, nominate, appoint, act, executively order, etc.
And he'd probably have another nominee on the block within days.
If the conservatives show their loyalty to Bush by rejecting his Supreme Court Nominee that he is convinced is a true conservative, then why should Bush later appoint a true conservative to replace her? If I were Bush, I'd call each Senator into my office over the next week or two and explain the facts of life to them.