Well, he didn't waste a lot of time, did he? The headline of this article is "Schwarzenegger Retreats on Key Campaign Vows." According to this other article, he's also decided to call off his inquiry into allegations of sexual misconduct on his part.
Do I smell another sequel? Say, Recall, Part II? Probably not. But if I'd voted for Arnold, I'd sure be a little embarrassed right about now.