Hugh has dismissed the draft Thompson movement as a case of cronyism:

Sure, some of this is back scratching of a fellow Volunteer State retired senator.

But a lot of it is also the reflection of the lack of enthusiasm within the Senate GOP (and its alums and their Beltway networks) for either Senator McCain or Senator Brownback. Mayor Giuliani and Governor Romney are outside-the-Beltway candidates, and the Beltway wants a horse in the race, and Senator McCain isn’t it.

This is not just about Senators trying to elect one of their own and I’m surprised that Hewitt is dismissing it as such. That may be an element to this push but there is a dissatisfaction with the current crop of candidates among the rest of us, not just the beltway gang.
Hewitt, who is so good about pushing for political activism in the blogosphere, seems to be missing the point that there is a grassroots effort to create a buzz about Thompson, to show that he has support if he decides to run.
Updates: Bill Hobbs’ prediction that the Republican race will change due to Thompson’s potential run may be coming true,from Gingrich’s former campaign chairman:

The real issue for Team Gingrich on a presidential announcement is not if, but when. Newt’s original strategy was to sit by and watch earlier-announced candidates flounder and waste money. That might have seemed workable before nearly all heavily populated states with ambition decided to move their presidential primaries to early February. Florida may even hold its primary in January.
All of this may account for why, suddenly, Gingrich appears to be accelerating efforts to raise his press profile, and to engage in a little “dust-busting” on issues such as his past marital problems.
There’s certainly a strong and devoted GOP hard core waiting for Gingrich to run. His problem is that too many of the key Republican activists and campaign contributors are already joining other campaigns. A check with one of Gingrich’s most prominent sources of major funding confirmed that they might be close to opting for another Republican candidate if Gingrich doesn’t give the proper signals soon.
[…]
Trust me. Gingrich will run for president.
Now expect a draft-Gingrich movement to gear into overdrive. Especially with new potential rival Republican candidates also waiting in the wings, such as former Tennessee Sen. Fred Thompson.
With Mitt Romney capturing “the Bushies” state by state, and Sen. John McCain running close behind in the early commitments, Gingrich is running out of time quicker than anticipated.

He also thinks that this will push Thompson to make a quicker decision, which would help me get over my disappointment sooner if he decides not to run.