Term limits would solve most of the lobbying/bribing/corruption problem in Washington. It wouldn't fix for good, but it would make paying for passing new laws a lot more expensive for companies. Also if everyone could only run once, they'd be a lot less worried about begging for donations for the next campaign. According to Larry Lessig representatives spend up to 70% of their time trying to get donations for their next campaigns, instead of doing their job properly, and passing laws for the actual benefit of the people.
I think term limits only make sense if you believe that you don't get better at being a legislator with experience. If you don't, then yes, absolutely, term limits will make buying votes far more expensive, but if you do, then you're constantly running the country with a team of redshirt freshmen, which may well be worse than corporate interests being able to influence policy decisions.
And those redshirt freshmen would be dealing with experienced professors of lobbying. I don't think term limits would do much (if anything) to lessen the influence of corporate interests and could easily make the problem worse.
We have term limits in California, along with a reputation for one of the most dysfunctional state legislatures in the nation. Term limits are not the panacea people seem to think they are.
