We will watch Guiliani's strength become greater along with your frustration at not being able to beat something with nothing. He is polling very well all across the nation and has not even gotten started.
Oh, he could well win the nomination.
And then would get creamed in the general election. Kerry got killed in 2004 because of his baggage. Rudy has quite a bit of his own - personal issues and crony issues with Kerik. The Dems will use Kerik to absolutely savage Rudy's standing to carry out the WOT.
And that doesn't even get into the issue of a guy on the far left of the party trying to hold it together when HE endorsed a Dem in 1994. Party loyalty works best when you have practised such yourelf.