Strangely (if you're a hobbyist Redmond basher like me), the Microsoft sponsored magazine Slate has teeth: In "The Return of Class War - Bush and the new tyranny of the rich." by Michael Kinsley, Bush's recent tex reform is criticized quite sharply. And of course the recent complete sellout on media diversity did turn a lot of heads.
Then there's the failure to find WoMD's in Irag, and the still soft economy. Bush's power as president could be waning.