Hillary might want to run for New York's Governor in 2006 to gain some state executive experience and then run for President in 2008. If Pataki retires, I think the state mansion in Albany is hers. And Eliot Spitzer can be persuaded to switch and run for her seat in the Senate, which he will win.
Except that would only give her 2 years of gubernatorial experience before running. It just wouldn't be viable, and she can't wait until '12 because another Dem could most likely take the WH in '08.