If, as in the current paradigm, 'government' is a clique annointed to rule over 'others' then weakening term limits is indeed good for government. But it's hell on the rest of us.
Another thought, though. Term limits in an age of rule by administrative fiat is not so good unless the administrators are also term-limited. Otherwise, you have government capture by bureaucrats. Cf. Yes, Minister and Yes, Prime Minister for a dated but humorous look at that problem.
Bureaucrats are just as much a problem.
How do we get them out??