This could happen. I don't think Biden has any interest in running for president in 2016 (he would be pretty damn old then) so I could see a scenario where he steps down to "spend more time with his family" then Hillary gets bumped up to VP and runs on the ticket in 2012. If Obama wins that puts her in the driver's seat for 2016 and would give her a big advantage over the other democrats who may run then.
This could also re-energize the democrats. All the polls show the democrats as not being very excited about voting in November and many of them are no happy with the direction Obama has taken, but if he teams with Hillary, it might make them happy again.
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