This short piece by Mike Murphy at Swampland is a good jumping off point.
My own feeling remains this: she's a better choice than I saw coming, but she's a moot point. James Dobson aside, will the far-right overcome their revulsion of McCain (whose name has unfortunate biblical resonances) enough to vote for the ticket? Or more importantly, are they hoping that someone with even less experience than Obama will get the office through misadventure?
The Sarah Palin balance sheet. Pros; most impressive young conservative Governor is the country. The base will love her, grass-roots side of convention floor will be happy. She has charisma and can give a great speech. Middle class Mom with family. Obama now not only contender who can make a 3 point shot. She has been an impressive Governor, with reform instincts. She can certainly deliver the vital swing state of... Alaska. Former full Colonel in Pat Buchanan brigades.
Cons: McCain's mighty and oft-swung Obama swatting hammer of experience has been instantly changed from steel to rubber. VP examination stakes are a little higher for McCain, will she pass the ready on Day One test with less than two years in a (small) statehouse? Former full Colonel in the Pat Buchanan brigades.
Bottom line: A base choice. Which hints at a base-centered election strategy. Got it Boy, good thing it is 1994. What? It's not? Hmmm.
Ultimately it's still a choice for Republicans between the man they hate and the man they despise.