I agree with your analysis 100 percent (As does Dick Morris, for that matter).
Given Hillary's Left-wing bonafides, she has the luxury of being able to move as far to the center or the right as she wishes these next four years, without ever losing the Loony-Left special interest base of the Democratic party. Hence, she can position herself as a "Moderate" for the 2008 General Election FAR earlier than any other candidate, Democrat OR Republican. This is why despite her sky-high negative poll ratings she nonetheless poses a serious threat, and should be considered as such...
We'll probably never hear the adjective "moderate" or "centrist" applied to anyone as frequently as we are about to hear it applied to Hillary. The AP is already doing it.
That I agree with Dick Morris is a mixed thing to me. Some of his analysis seems right on to me, while some of it strikes me as PC drivel.