From a conservative point of view, Bush has done quite well.

My (...) editing for brevity. Read the full article here (via Firedoglake).

"Perhaps the biggest irony of the Bush-is-incompetent frame is that these "failures" — Iraq, Katrina and the budget deficit — have been successes in terms of advancing the conservative agenda.

One of the goals of Conservatives is to keep people from relying on the federal government. .... Though Bush's popularity may have suffered, enhancing the perception of federal government as inept turned out to be a conservative victory.

Conservatives also strive to get rid of protective agencies and social programs. .... Both Iraq and Katrina have enriched the coffers of the conservative corporate elite, thus further advancing the conservative agenda.

Halliburton, Lockhead Martin and US oil companies have enjoyed huge profit margins in the last six years. Taking Iraq's oil production off-line in the face of rising international demand meant prices would rise, making the oil inventories of Exxon and other firms that much more valuable, leading to record profits. The destruction wrought by Katrina and Iraq meant billions in reconstruction contracts. The war in Iraq (and the war in Afghanistan) meant billions in military equipment contracts. Was there any doubt where those contracts would go? Chalk up another success for Bush's conservative agenda.

.... In the wake of Katrina, environmental standards for oil refineries were temporarily suspended to increase production. Labor laws are being thwarted to drive down the cost of reconstruction efforts. So, amidst these "disasters," Conservatives win again.

Where most Americans see failure in Iraq — George Miller recently called Iraq a "blunder of historic proportions" — conservative militarists are seeing many successes. Conservatives stress the importance of our military — our national pride and worth is expressed through its power and influence. Permanent bases are being constructed as planned in Iraq, and America has shown the rest of the world that we can and will preemptively strike with little provocation. They succeeded in a mobilization of our military forces based on ideological pretenses to impact foreign policy. The war has struck fear in other nations with a hostile show of American power. The conservatives have succeeded in strengthening what they perceive to be the locus of the national interest — military power."

Lakoff goes into detail:
"The idea that Bush is incompetent is a curious one. Consider the following (incomplete) list of major initiatives the Bush administration, with a loyal conservative Congress, has accomplished:

• Centralizing power within the executive branch to an unprecedented degree
• Starting two major wars, one started with questionable intelligence and in a manner with which the military disagreed
• Placing on the Supreme Court two far-right justices, and stacking the lower federal courts with many more
• Cutting taxes during wartime, an unprecedented event
• Passing a number of controversial bills such as the PATRIOT Act, the No Child Left Behind Act, the Medicare Drug bill, the Bankruptcy bill and a number of massive tax cuts
• Rolling back and refusing to enforce a host of basic regulatory protections
• Appointing industry officials to oversee regulatory agencies
• Establishing a greater role for religion through faith-based initiatives
• Passing Orwellian-titled legislation assaulting the environment — “The Healthy Forests Act” and the “Clear Skies Initiative” — to deforest public lands, and put more pollution in our skies
• Winning re-election and solidifying his party’s grip on Congress

These aren’t signs of incompetence. As should be painfully clear, the Bush administration has been overwhelmingly competent in advancing its conservative vision. It has been all too effective in achieving its goals by determinedly pursuing a conservative philosophy.

It’s not Bush the man who has been so harmful, it’s the conservative agenda."