As much of a RINO he may be, Powell would be better qualified to be Pres, with Condi as his Veep. Now THAT would be an NCAA proof ticket, with Condi running for President in 2016.
"...some sort of governing leadership" experience "from their..."
and
NCAA NAACP
I think presiding over the State Department, at this time in our history, provides greater qualification than Governor and certainly Senator. Four out of George Washington's five successors were Secretary of States (although Jefferson was also a Governor), but those guys did ok as President.
A Condi campaign's strength could also be it's weakness. Since she has no real campaigning experience, she could be a breath of fresh air on the campaign, or an uncharismatic disaster. But if she succeeds in the former, it would gut the entire Clinton playbook, considering that if there would be any campaign in history that will master the "by-the-book" political stragems it would be the 08 Clinton machine. Hillary is very methodical and unspontaneous, so they will have their attacks and speeches well schemed in advance, like a champion chess player.
They will have spent more money in their campaign--Hollywood, big media, along w/ normal hard and soft money--than any campaign in history. It will be organized, centered around Hillay's domineering persona. That money and coordination will buy them alot in political tactics and strategic overthink. Frankly, the GOP won't be able to compete against that in a normal campaign. A traditional Republican politician, a George Allen or Jeb Bush, who would respond to the Clintonian attacks in a traditional by-the-book manner, might play right into the buzzsaw of the Clintons' machines moves. A nontraditional Republican politician, an Eisenhower like character (a Condi Rice or a Tommy Franks), might just float above the game and leave the Clintons' schemes. The Clintons would need someone to come to the chess table in order to win in 08. The Republicans need someone who can avoid the "game" but still go straight to the people.