As James Lileks recently wrote:
If he runs, he will get ten bazillion Jesse voters. First-timers – only timers, really – who will vote for Arnie because it?s fun to vote for Arnie. This is not a constituency Schwartzenegger would feel compelled to court after the election, incidentally. They?re like bee stings. You can only use them once, then politically they?re dead.
All I can say is–if he wins (and he’ll very likely be the early front runner based on superstar name recognition alone), I hope he governs closer to an earlier ex-actor who once governed California, than Jesse “The Mind Is A Terrible Thing To Waste” Ventura.
UPDATE: Lileks, whose Website is back from a Benthic Petroleum tanker truck-sized crash, has much more on Arnold.