The conventional wisdom is that the Michael Jackson trial is good for Bush because it will distract the public away from Iraq and the economy.
I am not so sure that this is actually a good thing, because the media has already succeeded in creating a negative tone on both Iraq and the economy. Over the summer and fall, however, the news from Iraq and the economy is likely to improve, and if Jacko distracts the public from anything, it might be the fact that things are continuing to get better.
On the other hand, I can see how the Jacko trial might actually still be a positive development for Bush. Fox is sure to provide more salacious (and far better) coverage of the trial than CNN, which will draw more viewers to Fox's coverage of other issues and away from CNN. Since Fox is less prejudiced against the Bush administration than CNN and the major networks are, this could have a positive effect.