Unfortunately (depending on how you look at it) a lot of people just don't see or understand the campaign strategy Palin is employing.
It's really not rocket science. She's got 100% name recognition, which means that she doesn't have to campaign for as long as others who need to establish themselves, and get the face time required for the public to make a judgement about them.
While the others are in the middle of the field battling it out with each other in the demolition derby, she's outside the ring, taking on no damage and conserving hers and her supporters' resources for the real fight ahead.
In the meantime, because she's established alternative lines of communication with the public, she continues to get her message out to the people. Today's speech is an excellent example of that.
The demolition derby of the early primary is a fight that she is wise to stay out of. There is nothing for her to gain by being a part of it, and lots to lose. When she does step in, her opponents will all be broken and bloodied by the previous months of the contest, and some will have fallen by the wayside.
It's not costing her a thing, in terms of public relations or capital (human and otherwise) to stick it out until the last possible minute. Her supporters aren't going anywhere, and she doesn't need the big money donors and professional political operatives to gain all the benefits of running a winning campaign, while unannounced.
Brilliant strategy, if you ask me.
"...a lot of people just don't see or understand the campaign strategy Palin is employing."
You're right, a lot of people don't understand it. They don't understand nothing. All of the people waiting in the wings are doing just that, nothing. They're not raising money, they're not building campaign infrastructure or hierarchy, they're not gathering signatures (a requirement in a lot of states to get on the ballot), they're just doing nothing. They're posting on message boards about how great Sarah is going to be once she enters. It's all quite a waste.
Unconventionality might be novel, but it doesn't change the mechanics of winning a primary. I don't think she has any chance of winning it, no matter how long she waits.
Does she win Iowa by waiting? No. Does she win New Hampshire by waiting? No. Does she win South Carolina by waiting? No.
She's down by double digits in all of these early primaries, so while you might think that having no strategy is a good strategy in and of itself, the numbers tell a different story.
You have to win one of these early contests, and there's no evidence she's in any position to do so.