I think Bush did great.
Kerry kept attacking instead of actually answering the questions posed to him.
Bush not only replied to the questions but also put forth Kerry's biggest flaws which Kerry himself kept stumbling over and over during the debate.
Kerry's position was presented pretty much as his own opinion of himself and of Bush and his Presidency. Bush's position was presented with facts and presented Kerry for what he is backing his opinion of Kerry with facts about kerry.
I will admit Kerry is a far superior public speaker and Bush needs serious help in that dept.
But content wise, Bush did far better than Kerry, even if Bush seemed to be on the defensive most of the debate.