I'd vote for him in two seconds flat.

Andrew Sullivan says it all:

No, I haven't seen T-3, but I hope to. The political emergence of Schwarzenegger is a wonderful development, and not just for hacks like yours truly who love a good story. Arnold is an "eagle": he's tough on terror, open-minded on cultural issues, fiscally conservative. He's also a brilliant politician. How do I know? Just rent "Pumping Iron," the legendary bodybuilding documentary of the 1970s. It captures Shwarzenegger's extraordinary ease with people, his irony, his composure, his wit, his gift with strategy and his determination. If I'm not mistaken, it also shows him lighting up a big fat joint after one of the contests. If ever there was a moment for that type of Republican, this is it. Boomshock fills in the details. Arnold's my man.

Arnold is probably the closest thing to a libertarian that currently stands a snowball's chance in hell of winning office. If he decides to run, I couldn't be happier unless P. J. O'Rourke suddenly declared his candidacy.

The coolest thing about the California recall process, is that it is extremely easy to get on the ballot for a recall replacement. From the California Secretary of State's web page:

Candidates must obtain 65 nomination signatures (from members of their own party) and must pay a $3,500 filing fee (or submit 10,000 signatures in lieu of the fee). The candidate must also file nomination papers, including a declaration of candidacy.

65 signatures and $3,500! Everybody and his bloody CAT will be trying to get on the ballot! This is going to be a hoot. IMO, anything that throws a furious skunk into the tent of the political Good Old Boy network (Republican OR Democrat) is a plus for American society. If only Jesse Ventura had held out...