Hilary will be quitting the State Department and running for President on the Democratic Ticket.
She can distance herself from Obama by resigning, and come into the DNC primary as the rider upon the white horse of political salvation, and take the nomination from a dismally approved Obama.
Hilary will keep Biden around for continuity's sake.
On the Republican side, it is almost assuredly and unfortunately going to be Sarah Palin coming out victorious. Also in the running will be Rick Perry, Ron Paul, Christ Christi, and Jim DeMint.
After the dismal showing by this GOP house, Ron Paul is likely going to pack up his tent and try for a 3rd party run.
Christi will get the VP nomination, as an attempt to alter the Yankee votes.
If Ron Paul can make his way into the debates, it could be interesting. With the way the presidential debates are rigged this will not happen, so we are left to a Clinton/Biden vs. Palin/Christi election, and there is no way to have a good outcome from that.