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A joint ticket would be an unmitigated disaster for the Democrats. Hillary's presence on the ticket will charge up the Republican base, and is the one thing that will restore the religious right to full identification with the Republican Party.
Not only would it be a huge boost to John McCain's Presidential chances, but it would help Republican candidates all the way down the line. Hillary's "negative coat-tails" effect would be devastating.
And Obama would permanently damage his own image and future political career by joining that ticket. After Hillary endorsed John McCain over Obama on Monday (see http://www.youtube.com/watch?v=ou4JnWQsxKw ), how Hillary and Obama possibly share the same ticket?
Such a display of cynicism is the one thing that could lose Obama the support of the young and idealistic voters that he has been able to bring into the process.
It seems that the Democrats have once again managed to snatch defeat from the jaws of victory. And now we're all well and truly screwed.