From the coverage I've seen of Bush on Friday, I'm pleased. After his acceptance speech, it is clear that Kerry plans to run on a bigger military/bigger intelligence plan. I think Bush has moved past calling Kerry a flip-flopper to a more solid criticism that the new Kerry is hard to believe, given the man's 20-year voting record. This strategy should impead any progress Kerry hopes to make on the Terror and Iraq "trust" issues. Also, Bush can now start to make progress on the Economy trust issue.
Bush was burried for three straight months, May through July, in terms of ad spending. One report showed that Kerry out-spent Bush by 2:1 in June--and that doesn't factor in 527 money! The Bush message is just now getting out.
I watched the Friday Bush speech, and I was also impressed with a position that recognizes that lifelong employment with a large firm is an outdated model. His speech used that then to make a strong case for health care and business support based on smaller firms and recognition that people change jobs.