I don't know much about Powell's politics, but I'd probably vote for him over Cheney, Limbaugh, or Ventura based on character.
But in the end, it doesn't matter really. Left and right are willing to besmirch and attack a veterans record, if they think they can distort it foir advantage. Now I don't think Cheney attacked Powell's service, but rather his politics in this instance. But we saw people attack Kerry for his service, and recently attack McCain for his service. Coincedintally, the exact same "group" unleashed the lies about McCain and Kerry, and the oppossing sides ate it up as fact, both times, while the supportive sides scrambled to defend the service of their candidate.
I know I have a little bias here, but unless we are talking about somebody who got dishonorably discharged from service, I don't think we should give credence to propoganda spread about a servicemans time in the military. If the military deems them good enough to bestow upon them the rank, privileges, and awards they received, that should be evidence enough of the service they provided their country.