As I read somewhere else today, Huckabee is seriously underrated when it comes to his chances at the nomination. I think there is a very serious chance that he'll emerge as the "Stop Sarah" candidate. He pulls from the same crowd and with the establishment lining up behind him to beat Palin, he'd be very difficult to beat.
The issue with Huckabee is whether the Clemmons clemency episode is inevitably going to sink his campaign. Is this going to be Willie Horton times ten in the GOP primaries (which may deter Huck from running in the first place)? Or will Huck's defense of his decision be enough to convince voters?
There's also the fact that, at least in the three early primary states that would be most crucial to his success (IA, SC, and FL), "the establishment" isn't exactly thrilled with Huckabee, seeing as how he endorsed the opponents of Branstad, Haley, and Scott in the primaries. I don't think he'll be getting any Christmas cards from those three this year. Especially Scott, for whom a campaign staffer accused Huckabee of "shopping his endorsement to the highest bidder".