First, "V" is about a tyrannical U.K. government, not the U.S. and the way things are looking in the U.K. right now in real life, banned on guns and knifes, all they need is a public crackdown on free speech and the U.K. will be a tyranny.
(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")
I will say this in defense of the movie; the idea that people have a right to rebel against a tyrannical govt should appeal to conservatives. Furthermore, the idea that the Left could do so is far-fetched, especially considering their hatred and non-possession of guns.
But anyway; that Bush and modern conservatives are the target of this film is almost certainly the case. Why would a bunch of leftist producers/writers/actors want to do something about Britain when there is a much more inviting target in Bush?
You're right, final judgment should be withheld until one has seen it, but it does sound like its a presentation of one paranoid leftwing delusion after another.