Intellectually, I think term limits are a good thing. Practically, they are rife with unintended consequences, the biggest of which is the expensive game of musical chairs it has created. Part of that game is that pretty much from the beginning of their second term, pols are looking at their next job, not the one they were elected to do.
The current system is not serving us well, and should be changed. But having survived two public referendums, any change to the current system would have to be put to the voters to have any legitimacy.