Term limits are a disastrous idea. They would destory the power of the people to have the sort of competent powerful representation that long experience provides.
Henry Waxman has the expertise to expose government wrongdoing after government wrongdoing, which he now does as the chairman of the oversight committee. Ted Kennedy, despite the partisan hatred posted above, is widely recognized as one of the best Senators in office with decades of experience. One of the most eloquent speakers against the war in Iraq was Robert Byrd. My Congressman Pete Stark often fights the tough battles and voted against the bailout with pork and without.
When all the faces are relatively new, the bureacracy and administration can get away with murder compared to the status quo. It's not that the status quo doesn't have big problems, but that term limits would do nothing to make them better and only make them worse. The power would shift to those who select who the'official' candidates will be, with all the compromises made before you ever get to vote on them.
It's a short-sighted fit to throw. What's really needed is the sort of reform to stop letting those with the most money have too much say in who gets elected.
Campaign Finance Reform, election reform, ranked voting systems are the right changes.