Nevada introduced term limits a few years ago and the result has been, at best, zero meaningful change and, at worst, actively making an already crappy state government even worse. And they're still given at least a few terms, rather than just one (which would make it even worse).
What ends up happening when you term limit politicians is other actors in the political system gain more power. And in Nevada's case, that means lobbyists and special interests.
They're the ones who can accumulate 20 years of experience while politicians come and go. They're the ones freshman lawmakers are forced to turn to because all other sources of institutional knowledge are no longer around.
In the abstract, I get the appeal of term limits. Fresh blood, new ideas, change for the better. In the real world, though, it just doesn't work.