Get ready for Rudy everyone.
Assuming that Dick Cheney holds true to his word and does not run, the Republican Party is going to be at a disadvantage in 2008. No one past Mr. Cheney has any successful experience at running a national campaign. Senator McCain couldn't get the nomination under "jump-ball" conditions and there's no one else on the scene with any better experience (except for Jeb Bush and he, too, has said he won't run).
Given such an inexperienced field, Mr. Giuliani has a serious chance for success. He's held executive office (a great vita hit nowadays), virtually every Republican running for office wants him on the campaign trail, and he's been around New York money. Plus, the guy is smooth as silk with communication and media. While he's no favorite for most strongly committed conservatives, Mr. Giuliani plays as a "center-right" Republican who could put together a more centrist movement.
A lot of folks on FR expressed discontent in 2006 over the quality of the candidates. Just wait for Rudy in 2008. You'd better get real busy right now to find a serious, strong conservative contender besides clear losers like Steve Forbes or Pat Buchanan or Alan Keyes or . . .
Yes, remember how many Freepers were wetting themselves when Alan Keyes went to run in Illinois? What he ended up doing was embarassing himself and the party and, in the end, helping elect a ultra Socialist in the same vein as Hillary... and that Ultra Socialist was likely behind the dirty tricks that took out the person that probably could have beat him.