That's one way to put it.
Jeb Bush was at the least a competent administrator with few known scandals. At the least, he handled the severe natural disasters of Florida (hurricanes) very well -- much in contrast to how his brother dealt with Hurricane Katrina. He would have probably been a better President than Dubya. But that is not enough anymore. Look at how long the approval ratings for the current President were in the mid-40s, and look how long Dubya got away with his sub-marginal talent as a leader.
A 2012 nomination to run against President Obama may be a showcase for a race for an open Presidency in 2016. Ordinarily the eighth year of a Presidency is a rough one for the President's Party -- but 2016 could be an exception if President Obama is extremely popular. A bunch of R Senate seats will be up for grabs -- right-wingers in liberal-to-moderate states.