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If Palin is in fact preparing for a run for the presidency in 2012, this seems like a bizarre choice. In the last election, the Republican party got some traction from the "experience" argument - that McCain had it, Obama didn't. I find it hard to believe that the Republican party is going to select a candidate who served less than one term as state governor and wouldn't be holding political office at the time. That doesn't seem like a great person to campaign against an incumbent president.
While it's interesting to think that there might be some looming scandal on the horizon or that she's done in politics, I think it's perfectly fitting with her personality and ego just to assume that it's a bizarre bit of preparation for the 2012 election.