With a nearly 2-to-1 disapproval, an incumbent being down only four points or so is extraordinarily good.
Any incumbent polling at 39% or 40% is actually very bad. Also, this poll likely oversampled Republicans. I mean, do you really believe that Bush has a 41% approval rating in California? That's at least 5-8 points higher than all other California polls. And Schwarzenegger's supposed 43% approval is much higher than other recent polls as well.
Schwarzenegger can't really go anywhere but up at this point, so Angelides and Westley are clearly barely hanging on.
Hilarious spin.
Angelides and Westly are largely unknown entities who haven't even started campaigning yet. When you have unknown entities already leading a well-known incumbent, then that incumbent is in deep trouble.