Mixed, to say the least. He's turned out to be quite a competent mayor. I never dreamed that I'd be saying that I'm glad he was elected and re-elected, as someone who voted against him twice.
However, there are strong arguments both for and against term limits. I've come to think that Bloomberg himself is kind of a one-man argument against them, given his record as a two-term mayor and despite his past support for them. Part of me thinks that the commitment that's been made to them in this city shouldn't be sacrificed for the political expediency of allowing Bloomberg to run once again for mayor. Another part of me thinks that bad times are ahead, and he's exactly the man for the job once again, and that no one else could function as capably as he could in the role of mayor. (Another part of me wishes that if we were to be stuck with a McCain presidency, that Michael Bloomberg were going to be his No. 2, but that would probably just open up a can of worms.)