Personal opinions aside, Perry has strong resume that would give him an immediate bounce as a candidate. Remember, Republican governors have been attractive to the American public, e.g. Bush 43, Ronald Reagan (both two termers). McCain was a Senator who lost; Bush 41 was a one-termer.
First, Perry's an experienced campaigner who's thrashed more dem opponents than I can remember. He's seasoned and, by appearances, is prepared to take on a national race.
His tenure has been, relatively speaking, free of major scandal. Yes, we can point to controversy involving various state agencies, but they've not damaged him in Texas and I have no reason to believe they'd damage him nationally.
He's photo/tele-genic. Notwithstanding Debra Medina's surprise debate performance in the last election, Perry handled himself just fine.
Considering the state of the national economy, he's presided over an impressive economic performance in Texas. He will, for example, benefit from press like today's Wall Street Journal article:
WSJ: Lone Star Jobs Surge
Of course, we all know there are a lot of factors driving our economy beyond the governor's office, but he's the guv, so he can claim to be part of the solution.
Like him or not, there is no reason to think he couldn't compete quite well.