The rumor being circulated now is, Hillary will consider being Obama's running mate. Whether it's true or not remains to be seen. Obama may not even want her, because to pick her would undermine his campaign built on "changing the way Washington does business". Hillary does not represent change.
But if I were her, I would think long and hard before going out on a limb like this.
To accept and lose would severely damage her chances for a future run. To accept and win would relegate her to a largely ceremonial position, with no real power. I say this because, I seriously doubt Obama would share power with her and even if he did, they'd butt heads for the entire four years.
If I were Hillary, here's what I would want from Obama and the party in exchange for her support:
1. Pay off her campaign debt.
2. Fire Reid and give her, his Senate Majority Leader position.
She needs both the money and the power.
Besides, Reid is worthless and the Dems would sell him out in heartbeat. VP for a President that would be known as a miserable failure would do nothing to further her career, nor would it pad her resume.