Jed, as a follow up, this is classic Will ambiguity:
But conservatives' wholesome wariness of presidential power has been a casualty of conservative presidents winning seven of the last 10 elections.
George H.W. Bush and Richard Nixon, though very astute and worthy presidents in their own right (again, forgiving their major faults), haven't the conservative mark in history -- they were moderates. I'm not interested in gauging presidential status on the Conserv-O-Meter, but the argument Will is constructing here hinges on the assumption that these "conservative" presidents really clung to conservative principles, and as such really identified with the conservative movements that put them in power. You may be able to say that Nixon was, but only as an embattled president. Bush I is a harder case.
Will would be wrong to say the conservative appetite for limited government was sated by President Bush I's tenure; it was his trespass against his tax pledge that led to his downfall.
The only point that really kept me nodding was this line: