Well, as everyone knows by now, she bailed
(and/or was pushed).
This may well be the president's big he's-officially-the-Republican-LBJ moment. Will he understand the need to make a proper and qualified pick for the highest court in the land and do so, thereby slowing his slide, or will he hunker down and make an I-know-better-than-all-of-you-so-up-yours pick? Recent events don't fill me with confidence. But I'll try to be optimistic.
UPDATE: There seems to be a meme making the rounds among some Democrats that the "religious right" (or "radical right") killed the Miers nomination (C.f., this link
(via NIT). I'm sure that's a pleasant thought to believe from their perspective, but it's really not true, and Democrats would be wise not to fall for it. At best, the "religious right" was, as far as one can tell, lukewarm about the nomination. James Dobson made some positive noises at the beginning, and some felt an affinity with her culturallly (because of the church she attends, etc.).
But beyond that, there wasn't much substantial support or opposition from that end. The opposition that really killed her came from what we might call the "Reasonable Right": George F. Will, Charles Krauthammer, David Frum, among others, who were less concerned with Miers' ideology (or lack thereof) than the simple fact that she was demonstrably unqualified for the United States Supreme Court and made their cases with flair. They were the voices of the reasonable conservative Republicans who were simply dumbfounded that the president would make such a terrible pick. These Republicans have tended to give Bush a pass in the past, but this was a bridge too far. It's the first time that's happened to Bush, and it obviously made an impact.
The point here, I think, is that this was not a sign of the "radical right's" domination of the GOP and conservatism, but rather a sign that the pushback from the reasonable right (which makes up the majority of the party) has begun in earnest. That is to say, the center of the party is taking back the reins.
By the way, why is Senator Reid still making positive noises about Miers. Would he really have voted for her after rejecting John Roberts. I still say that's even less defensible than the original nomination.