We should hope that Hillary wins the nomination, because she has no chance of winning the presidency. Bill and Hillary are better at mobilizing the Republican opposition than anyone, including Republicans.
My guess is that it will be George Allen vs. Mark Warner.
I think at this point, the GOP nomination is definitely George Allen's to lose.
The 'Rat nomination will be whoever seems the most likely to get the moderate vote, and I think Mark Warner probably ruined that by giving former felons in Virginia the right to vote. I think the most likely 'Rat nominee is either Bill Richardson, Joe Lieberman or Dick Gephardt.
Much easier to mobilize against Hillary. Warner has the political savvy of a Bill Clinton and is capable of cutting into the left edges of the GOP ranks. How big of a chunk he can break off, remains to be seen.