If Arnie is smart he will let Angelides win. The next 4 years is going to be a no win situation for the governor of CA.
If Arnie wins he no longer has to worry about re-election. Theoretically he could veto every bill until they agree to cut spending. What are they (unions etc) going to do to him? Ruin his re-election chances? Kill his chance to be elected president? If Arnie wins he is in an interesting position that no other candidate will ever be in. He has a successful career completely removed from politics to which he will return. The big question is will he suffer from the 'love me too' syndrome that so many politicians suffer from.
Side note - Angelides has no chance once everyone understands that his solution is to raise taxes on EVERYONE.
Well, maybe not. The revenues are rolling in nicely into Sacramento's coffers these days (including a fair chunk of my own), and believe it or not (I know you don't take what I say at face value very often), the folks up there have managed to figure out a way to spend it. They are very creative indeed.