A manager's relationship with players is different to a coach's relationship.
Giggs worries me because he didn't really seem like he was enjoying playing for Wales - although he often came out and stated that, even if he could play for England, he would have chosen Wales, I have a suspicion that it is as token a statement as kissing a badge. Giggs also worries me because he has been isolated from the ugly parts of football all his life. One club, one country (with his club dictating conditions in which he could play).
Even if he gets the Wales job, he has never set foot outside of those two organisation, MUFC and Wales apart from his early years in Man City.
Unlike Bale, it always felt that Wales should be privileged to have Giggs playing for them and giving them his valuable time. He never came across as being part of a group (ok, maybe the same could be said at Man U - but he did seem to be part of the Beckham/Scholes/Neville pact). I'm not convinced he has taken even a passing interest in the Welsh U21s and U18s - again I could be wrong and I would hope the FAW appointing him means that I am wrong.
This appears nothing more than a step onto the managerial roundabout for me. The one thing I would add, though, is that Giggs needs it to be a success.