Domestically, John Hawkins says it's a third term for Bush:
Would Huckabee be a strong, socially conservative candidate for the GOP in 2008 with an excellent chance of beating Hillary? Yes, he would. In the last 9 elections -- at a minimum -- the more likable candidate has won and Huckabee beats Hillary hands down in that category. Also, the fact that he's a governor, not a Washington insider, would also be a huge advantage. If you ask me who is more electable in a general election, Huckabee, Romney, or Rudy, I'd take Huckabee over either of them by a good margin. Given that the war on terror and the Supreme Court will be hanging in the balance, electability is no small thing.
However, the downside of Huckabee is that he's essentially George Bush with charisma when it comes to domestic issues. He is not a small government guy or a fiscal conservative, he doesn't seem to be a movement conservative, and he's not someone who can be trusted to be tough on illegal immigration.
On foreign policy, we're talking Bush in 1999.