The President announced today that Josh Bolten would replace Andy Card as White House chief of staff. This strikes me as a very good move. The administration achieved its major policy successes with Bolten in the White House as deputy chief of staff. He was underutilized at OMB, given the insufficiently ambitious deficit reduction goals set by the President. (Yes, that's a euphemism.)
Of all the people I met while working in the Executive Office of the President, there were three who impressed me most with their ability to understand complicated policy issues very quickly. Bolten was one. Another was Keith Hennessey, deputy director of the National Economic Council. The other was David Hobbs, director of legislative affairs, who has since moved on to lobbying. So Bush has a very smart guy running the show.
This leaves the directorship of OMB vacant. I wouldn't be surprised if Joel Kaplan, the current deputy director, were promoted from the inside.