Colin, I agree, it is a much better ad than the direct Kerry attack ads, which basically say "George Bush is bad, but that Kerry guy is worse!". Nothing turns voters off faster than negative ads that don't stand up to the light of day.
Bush should claim the good economic numbers now, I can't really be sure what those numbers will be like by the time the election comes around. Gas prices, probable interest rate increases (with the appreciation of the US dollar as a result) will slow things down a bit.. plus Kerry can always pull out those "net job numbers" for the Bush term to show how much things are really booming! :-)
Seriously though, Bush team started WAY early on the negative ads, and they have done nothing but lose ground. Maybe they will take a more positive tone for a while and see if that helps.
Alex
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