Personally, I'd just rather have a democrat in office for obvious reasons: with a democratic governor, it makes it much easier to campaign for president.
I think the "No To Recall, Yes To Bustamante" route is basically a big CYA for democrats. It allows them to not split their tickets; this is an option that the republicans currently don't have. However, I'd probably... eh, I'd probably prefer Bustamante, since he *seems* (note: I don't know if it's true or not) to be more of an innocent than Davis, but then again, I think both of them would do a better job than Arnold.