I would like to see Condi run for a Statewide office first, get some actual experience as an elected official. Maybe a Senator?
Arnold's never held elected office either, until last week.
Rice's list of non-elected-office accomplishments is impressive, and speaks for itself.
And as Schwarzenegger has demonstrated, electability does not necessarily depend on prior elected experience.
Having said all that, I definitely agree she would need to get some elected-office experience first if she wanted to be President. Executive is better. In other words, if she wants to be President, she really ought to run for governor.
However, I could visualize her serving as VP and then possibly running for POTUS. Again, if she wanted to, and the available indications are that she doesn't.
Although I know few facts about Ms. Rice's personal politics, it would be reasonable to assume that anyone with her level of experience in government with a conservative administration, her magnificent level of intelligence and fortitude, and her lack of an amoral personality (a la both Klintons) would be excellent Presidential material. Plus Bush like her and I respect George Bush's judgement any day!
Sure there are many who could be presidential material, but would Dr Walter Williams run and win? Just because there may always be someone equal or better doesn't disqualify her ability.
Being an elected official would add no more relevant experience (except maybe how to lie in a campaign) than she already has in her federal post.