Well, let's look at somethings that have been convieniently ignored or manipulated by the hate-liberals who have posted so far:
1) As was mentioned, Bush's approval was 55%.
2) Something close to half of Bush's domestic agenda got put aside because of 9/11... including the conclusion to "No Child Left Behind" which woudl have funded the program... people tend to forget that Bush ran the first time on a very agressive domestic agenda, that was basically demolished by 9/11.
3) The economy started heading down in Dec of 2000 and was starting to recover by Sept. 2001. The terrorist attacks sucked tens-of-billions of dollars out of the economy, which is the primary reason for the breif recession following the attacks... as a matter of fact, the recession lasted just long enough to be labeled a recession. We wouldhave had slow economic growth for the last quarter of 2001 and most of 2002, but it would have picked up stedily by 2003 and 2004.
4) No War in Iraq (and don't kid yourselves, they weren't planning on one) means that a lot of the peaceniks who opposed Bush, and a number of people who didn't want our soldiers over-seas, but who aren't liberal would have supported Bush.
5) No war also means no spike in oil prices, which woudl have helped the economy along and meant fewer people "feeling the pinch".
6) 2002 mid-terms that woudl have likely ended up electing a decidedly Democrat Senate (3 seats or so) and a very close House wouldn't have mattered, because most of Bush's domestic adgenda was more palatable to Democrats and moderates than it was to Republicans. In fact, I woudl argue Bush woudl have prefered a slightly Dem. congress.
7) No 9/11... no clean-up... no War on Terrorism... no economic troubles... no War in Iraq... no deficit... or at least, not a big one. Fiscal conservatives would have no major reason to complain.
Civil libertarians woudl have no major reasons to gripe.
9) The political atmosphere of the decade would have turned out very different. There would be far less tension. Things would be much less negatively charged.
10) No overhaul of FEMA means that the Katrina disaster would not have turned out quite as badly.
In short, this would have been a less exciting, but better time. People are more than likely correct with their assesment that 2004 would have been another low turnout (about 48% again) lower interest election. In the end, Bush woudl have won, though, and handily (about 53%), because people wouldn't have had much of a reason to hate him, and Gore would still be remembered as a sore loser.