I would say that she'd be great if she were a White balding male. :-)
She is an outstanding choice, but she is also pro choice; still, with her on the ticket, the GOP would carry PA, MI, and have an outside shot at CA.
No favorite daughter status for her in the bay area.
Well, maybe a few people in the rich suburbs...but not more than a tenth of a percent due to 'favorite daughter' issues.
That said, assuming Bush's second term doesn't blow up in his face, Rice is the perfect VP. Well-known, generally well-liked, an expert in foreign policy matters (which most candidates [especially Governors] are lacking), a woman (and one with clear credentials--no accusations of Ferraroism here), and an African-American.
Certainly one of the best overall candidates out there for any nominee (although certain individual candidates may be better for specific candidates). Really, only the Northern Republicans (Mitt Romney and Rudy Guiliani) should avoid her--they have pro-choice baggage and have national security credibility already.