She will skip the 2006 Senate election because she knows she will lose, just like Edwards did this year. Even IF she plans on running in 2008 she will run for re-election in 2006 if she thinks she can win.
Personally I don't think she can win her senate seat back, let alone the white house.
She can win the Senate seat back easily, as the RINO New York GOP, led by the feckless, inept dunce Pataki and RINO prince Gloomberg, will probably recruit the Nassuau County assistant to the assistant Deputy Dog Catcher to run against her. Just witness the folly of Mills v. Schumer, and other embarassments that Pataki & Co. have fathered. Hilary is a shoo-in in 2006.