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I think the greatest indicator that Sarah is a threat to Obama's reelection is the MSM's obsession with her, dedicated to diminishing her and depicting her as a loser and or damaged goods. The fact is, they wouldn't be so focused on Sarah (and to a lesser extent, all the Palins) unless they considered her a pretty serious threat. The fact is, the liberal mainstream media elite wouldn't dedicate so much time, energy, and expense on her if she was truly the loser candidate as depicted.
The impression I get is that these liberal foot soldiers consider her quite formidable, and are doing their part to diminish her now, as opposed to diminishing her later if she decides to run. They probably figure it may be too late by then.