For sure we'd want to ascertain his approach on such important and sensitive issues as wiretapping and the appointment of US attorneys, but he's a lot better than some of the other names mentioned and he has the potential to become a consensus nominee,

I can see why you left this part out.
Schumer preferred him to Roperts or Alito on the supreme court yet has not guaranteed to shepherd him through the AG hearings without any tough questions. Yep all pretense of fairness and honesty have been shattered by this shocking quote from Schumer.

Even six months ago, it would have been inconceivable for Bush to choose someone for such a sensitive position that would earn such praise from Schumer, let alone a man without demonstrated loyalty to him. Going with a safe choice indicates that the president is bowing to political reality.

I think you may be judging this on only part of the evidence. I, too, made such comments this evening. However, a new side of Chuckles the Clown Schumer has come forth Ed Morrissey is saying:

Chuck Schumer has begun his rapid retreat from his statements of support for Michael Mukasey. The New York Sun reports that Schumer, who had openly championed Mukasey as a "consensus candidate" to replace Alberto Gonzales as Attorney General, suddenly appears unsure of Mukasey after the White House reportedly settled on the retired New York judge for the nomination...

Says Ed:

"Bush has managed to strip Schumer of his last pretenses of fairness and honesty, and the Alliance for Justice may be next. Uncle Chuck couldn't give a fig for "consensus". He used Mukasey as a club to beat Bush two years ago, and Nan Aron of AJ jumped on the bandwagon. Schumer just had his bluff called, and one can expect that the confirmation hearings will feature several Republican committee members read into the record over and over again Schumer's endorsement of Mukasey for the lifetime appointment."

Pass the popcorn.