She is continuing in the race because she is waiting for the primaries to end. Then she can destroy him and take the prize for herself.
She's all-in for this race. There is no posturing for 2012. In 2012 she will be 64 years old, a loser to a political neophyte, and running for reelection for her senate seat, AND running for president again. Nope. Not happening. She's got to win it all now.
The Clinton M.O. is: Deny, Delay, Destroy.
Deny: figure it however you want.
Delay: She has successfully delayed Obama in getting enough delegates to take the nomination outright.
Destroy: They will begin the destroy phase after the voting is over (June 3) so that there will be no electoral blow-back. They will start that phase of the campaign, on June 4. Expect it to be some sort of "un-American" thing that will hit its peak about July 4th and hoopla will go on for two weeks into mid to late July.
The Clintons used this tactic against the Republicans over and over again and slithered out from under unscathed.
As sure as the sun comes up in the east, the Clinton machine is going to destroy Obama and send him back to the Senate, crushed and powerless.
Yep, that explains it!