As others have noted, Bunning is up in 2004. McConnell is running this year against Louise Combs Weinberg, the daughter of a former Dem governor. As a candidate, she has some attractive surface qualities, which is why she is the Dems' nominee, but her campaign has been poorly run, she barely won the Dem primary against a former one term congressman who spent virtually no money, she's 25 points down in the polls and McConnell is sitting on about $4 million in cash. The 2002 race is effectively over.
2004 is another matter. Patton would have been a very strong candidate against Bunning - indeed, he would probably have been favored, having romped to a second term as Governor in 1999 (Kentucky gov is elected in odd numbered years); whereas Bunning barely won in 1998. As Governor, Patton would have started as Bunning's equal in name recognition. He is a "moderate" Democrat, or at least portrayed as such in the press, and it would have been a very tough race. The Dems will field another credible candidate, but their biggest, baddest challenger to Bunning, the one guy who would really threaten to take the seat, is now on the sidelines.
This is a big development.