I can guarantee you this, if the Republican party and the American people are exactly the way they are now in '08, there is no way a moderate Republican will be the candidate. Forget Giulianni and forget Colin Powell, it just won't happen. Expect a Frist, or even Jeb Bush to be running. If that happens, it's all over for the Democrats, there is simply no way to win.
However, if public attitude towards this administration worsens and there is a backlash against the religious moral agenda that Bush will try to push through, then we very well may see a moderate Republican running. If that's the case, the Dems have a solid chance of winning. The way I see it, the Dems aren't going to try to out-Southern the Republicans, so I see either Hilary or Obama getting the nod. Hilary will probably get the nomination though, if i were a betting man.
I'd imagine a ticket with Hilary and Obama would be ideal though. Hilary would lock up a huge portion of the women vote, prob. getting in upwards of 60% I bet. Regardless of her political views, what woman wouldn't want one of their own in office, let alone running the country. Obama would definitely get a significant amount of the minority vote as well, and with the Hispanic population growing fast, he could really make the difference. The combination of these two may be enough to offset the religious vote in the Southern and Mid-west states that pushed Bush over the edge this time. But only time will tell.............