She offers really almost nothing to either candidate. Conservatives will vote for either Romney or Perry in fanatic droves because they can't stomach the idea of four more years of Obama, and geographically she does nothing to help a national Republican campaign.

She is also too polarizing and would distract from the main candidate (cf. Palin). While a Bachmann VP slot might be an Obama staffer's dream and hope, the Republicans are unlikely to show that level of tactlessness a second time (and in all fairness, the first time it was McCain's tactlessness in particular, and he has always been tactless).

I also think that Romney is more likely to win, no matter what you say about Perry. Perry is too much of a George W. Bush clone, and Republicans realize they need a candidate who can win independents. Romney's experience in business and his toned-down nature make him the best and most appealing candidate. The Mormon issue is largely irrelevant in this election cycle since everyone has had four years to get used to it.

If Romney's smart, he'll pick someone from the south as a VP candidate and hammer Obama on Obama's indecision and failure. Unless the economy takes off like a rocket and unemployment drops precipitously, we may see a repeat of the 2004 election in terms of electoral votes. While I hope the economy takes off, for our sake, I also would like to see a 2004-type distribution of electoral votes.