The problem isn't that he doesn't have to run for reelection, the problem is that he now has a public mandate. The majority of Americans voted for a Republican President, Senate, and House of Representattives. This makes the President's job significantly easier, and will allow him to push many items through the legislature that wouldn't normally make it through because of partisan politics.
Another concern is that as many as four of the Supreme Court Justices are in a position to retire very soon, and that means that Bush may be able to significantly change the dynamic of the Supreme Court. This has many people concerned that abortion may be made illegal, as Bush has repeatedly indicated that the kind of judges he would like are the kind that would overturn Roe v. Wade.
So I think these fears are at least slightly valid.
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If ignorance is bliss, you must be having an orgasm.
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