I would agree with others that he is a darkhorse candidate. Rings a bit like Bill Clinton, in the sense that he is a governor that is well liked in his own state, but not known nationally. It might depend on what the far left wing of the party does. Warner could also be a 2008 version of Howard Dean, and get railroaded out of the way with a push for the more liberal candidate.
The fact that he is more of a fiscal conservative could appeal to a lot of voters outside the Democratic Party. If they are smart, they will give him a closer look.