I think Condi is great, but I am not sure she would be perceived as being ready to run for president. She may well be ready, but perceptions matter -- she would need to get elected. But 8 years as a VP under Bush, would make her a shoo-in afterwards. And if we would get 8 years of Jeb/Condi, then another 8 with Condi as president, by the end of that Democrats would be extinct -- they would have all moved to France.
Nor was Hitlery das Butch when she was Co-President.
Condoleezza Rice could be, as we discuss her, on the escalator: National Security Advisor > Secretary of State > Vice President > President.
What remains to be seen is whether her first term as vice president would be as the follow on to an ailing Richard Cheney.
At any rate, her position as nominee for vice president on the 2008 ticket would be a perfectly respectable debut on the political stage.
And we will be well-served by her considerable talents at every level.