Liz needs to make herself very familiar to the American public before the media can spin their own view of her in an attempt to ruin her politically - as you know they will do! They'll start with her name, which the media have already done their best to turn to poison.
Conservatives need more people like her (not just women - but it helps). On the other hand, a two-women ticket (Palin/Cheney) is just a little too "new" for most people to accept. Liberals would go for it, if it were two liberal women. For now, face it, there's gotta' be a man somewhere on the ticket, or too many people will think it's some kind of novelty or a political stunt (you know, like John Kerry running for President . . .Oooops! He did . . my bad!).
And too far outside the traditional ‘experience’ package. I’m fine with her running for Congress in 2010 and having Palin name her SoS in 2013, however.