I'd hate to see her potential wasted by running and getting crushed. Hopefully she's too smart to fall into that trap. There's a better option. Here's the scenario I envision:
In 2008 Rice will step down as SecState whoever wins. She'd go back to California and take an appointed position in Arnold's administration. That would position her to run for Governor in 2010, and then be reelected in 2014. Then she could run for President in 2016 as the undisputed front-runner.