Actually, wahoohunter, she has only been governor a little over a year. But Obama has only been Senator for 3 years, and unlike Mrs. Palin, Obama has no executive experience.
Looking like it's just a matter of time:
http://www.cnbc.com/id/26454655
This will either make McCain's election inevitable or tank his campaign. Depends on whether folks see it as a legitimate move or as a publicity stunt, a knee-jerk reaction. But I think it's a great move on McCain's part. I've said for months I hope that he picks her. She has a 95% approval rating and strong conservative credentials. She is the woman who can get the Clinton supporters who are still fuming because there isn't a woman on the ticket. She brings a lot of potential and is really the only VP candidate who doesn't bring a lot of baggage to the ticket (except for the minor scandal she's been linked to recently, which I don't think is anything to be concerned about). If the conservatives need a reason to get behind the McCain ticket, this should do it. She has very strong social conservative leanings (she has a Downs Syndrome child that she refused to abort and is a strong anti-abortion advocate).
Also, let's not forget that several polls from key states show McCain leading among men but trailing badly among women. This is going to help his campaign. Certainly much more than Biden will help Obama's campaign.