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She’s running yet she’s not running. How long is she going to play this?

For as long as she possibly can. Palin is not playing the Presidential game. She is just "playing" her supporters like a cheap fiddle and her supporters keep "Waiting for Godot".

Palin's visits to Iowa, including one in June and one planned for Sept. 3, have stoked speculation she is eyeing a 2012 presidential bid, although she has done none of the groundwork there others have.

I can see people pledging themselves to other candidates because Palin is going about this the wrong way and it will backfire.

Don't worry about Palin. Things are going exactly as planned and things are going extremely well.

Palin's focus is not to be elected President. Unlike her fanatical supporters, she is politically savvy and knows that her support is a mile deep but an inch wide. The abysmal box office of "The Undefeated" confirmed that. Once the very limited supply of loyal supporters was tapped out after Week 1 at each theater location, the movie crashed and burned by Week 2.

Here's the reality: The Undefeated debuted to $65,132 at ten locations over the July 15-17 weekend. This past weekend, its release grew to 14 locations, but business plummeted 62 percent to $24,664, averaging $1,762 per site. That put its total at just $101,382 in ten days, which means it's sold an estimated 13,000 tickets. ... (Undefeated is not to be confused with Sarah's Key, a foreign language movie that opened to $115,708 at five locations this past weekend.) ... To put these numbers into further perspective: The Undefeated's ten theaters on opening weekend yielded 159 showings. Using the current average ticket price of $7.86, that means the movie played to an estimated 52 people per average showing or at about one-fifth to one-quarter capacity. In the movie's second weekend, which had 211 showings, the per-showing average attendance dropped to 15.

Palin's current profession is that of a very well paid entertainment celebrity whose main focus is maximizing her personal income and Bristol's income in the business of Reality TV shows, book sales, paid speeches, paid appearances and paid interviews.

Due to the "Equal Time" provision of Section 315 of the Communication Act, TV networks cancel the contracts of employees that are serious Presidential candidates. Yet, Palin and FOX News continue a very cozy relationship that is very lucrative for both of them:

1.) Sarah Palin spends a week here and a week there pretending to run for President. Such a fake campaign does not trigger Section 315.

2.) FOZ News hypes each of her fake campaigns.

3.) At the end of each fake campaign, Palin's loyal supporters and the curious Palin non-supporters then drive the FOX ratings as Palin appears in an "exclusive FOX interview of Sarah Palin" where one FOX employee (Palin) is being paid to be interviewed by another FOX employee that is paid to toss Palin cream puff questions.

4.) Palin cashes her paychecks and FOX News gets their ratings bonanza.

5.) Rinse and repeat for as long as the game keeps generating money for Fox and Palin.

Since Palin "has done none of the groundwork" that other candidates have done for a serious Presidential run (lining up paid staff, lining up paid campaign managers, lining up serious donors, etc.) this repeated charade can only last so long. At that point, Palin will find some noble-sounding excuse not to run, will endorse the strongest candidate in the field whose name is not "Romney" and will then keep trying to milk her celebrity status as long as she possibly can as a "Kingmaker".