I have a feeling the ticket balancing isn't going to be geographical this time. The Obama/Hillary wars opened up a major rift in the Dems - a lot of women thought there would finally be female nominee this year. Looks like there will not be - and although Obama will be the first minority nominee, women are a majority. Palin on the ticket could well attract a lot of blue dog types. She also bucked the GOP establishment in Alaska (which needed such), so she will appeal to McCain's self-perceived maverick streak.
Throw in the fact that she is pro-life, pro-gun, pro-spending cuts and young enough to counterbalance McCain's age, and I think it has potential.
Well, if Ted Stevens is at all indicative of the Alaska GOP establishment, then anyone who bucks them is okay in my book.