IS ARNOLD QUALIFIED?
Or is he just famous and opinionated? I don't know. His business background, which includes a lot of real estate development, means he knows more about state and local regulation (and wheeling and dealing) than people may realize. Dick Riordan had similar experience when he became mayor of L.A. His record as mayor wasn't spectacular, but neither was it bad. L.A.'s mayor has little actual power, and Riordan's personality is unsuited to the bully pulpit.
I do know that if the best his critics can lob against Schwarzenegger is that he's a soft libertarian, they won't score many points. The criticisms corralled in this Sacramento Bee piece make me want him to win--though I do wish he had Tom McClintock--a fiscal tightwad who knows the budget--as an advisor rather than an opponent.