I believe profound corruption, gross incompetence, and inability to perform duties are valid reasons for recall.
I do not believe that failed propositions are valid reasons for recall.
Obviously that criteria didn't apply to recalling Gray Davis, but since the 2006 election is so soon, there's no reason to waste any more taxpayer money on politically motivated elections. Arnold and company already gave us two of those, the 2003 and 2005 special elections. No need for any more.
Besides, if the recall doesn't qualify before early May, it could be combined with the November 2006 election, anyways.