"What the caterpillar calls the end of life, wise men call a butterfly."

Here's a link to Arnold's speech.

The best commentary I've seen on it so far comes from Slate's William Saletan. Here are the first and last paragraphs. Read the rest if you wish.

"Arnold Schwarzenegger gives one hell of a speech tonight. It's the best speech I've seen at either of this year's conventions. I bet he persuaded a lot of people who share some Republican attitudes but feel uncomfortable with the party's hard core—people like me—to think seriously about voting for President Bush. If you're one of those folks, I'd like to talk to you about why a Schwarzenegger Republican shouldn't support Bush.
...
I'm no huge fan of John Kerry. He sees two sides of every one-sided issue, and four sides of every two-sided issue. But the alternative is a president who sees one side of every issue, no matter how many sides it has. Given how many sides there usually are, and given how little effort Bush makes to learn about each issue, the odds are that, on average, he'll pick the wrong side. The record of the last four years shows that he has done precisely that. But because Bush refuses to "waver," as Schwarzenegger charitably puts it, we keep going in the wrong direction. The only way to stop such a president is to vote him out of office. Fortunately, an election is coming."