I think I've had time to gather my thoughts on the Palin nomination.
I like Sarah Palin. I like her quite a lot, actually. However, the primary issue when choosing a VP should be are they ready to be President? On this issue, the answer is that I don't know and I seriously doubt anyone else does either. She has little executive experience and no time on the national stage. This doesn't mean that she's not ready. It just means that nobody possibly knows enough about her to know one way or another.
On that score, it seems obvious that McCain should not have picked her. However, that's water under the bridge now because he did pick her. The issue now is, "Is she more ready to be president than Obama?" On that score, I believe the answer is "probably yes". While her executive experience is limited, it's far more than Obama has. (Assuming that you don't buy the Obama camps ridiculous assertion that running a successful campaign is sufficient executive experience. "I'm qualified because I won!")
Obama has shown himself to be shockingly naive on international matters and his soak the rich tax policy will be dsiastrous, so assuming Palin doesn't say some equally idiotic things she should have him beat.
So, while we have no way of knowing if she'd be a good president, she'd probably be better than Obama.
Politically, this was obviously a masterstroke. Win or lose, McCain managed to capture the momentum for the first time.