IF he wins, I see him as the perfect VP choice, but not as a contender for the nomination.
State Attorneys-General, like Congressional Representatives and large-city mayors, are as a rule two steps away (at the least) from the Presidency.
McDonnell could be showcased as a VP candidate in a losing bid for the Presidency (like Palin, but he couldn't be that much of a disaster) -- or he could win a Senate Seat or the Governorship before making a bid for the Presidency in 2016.
2012? One is betting on a catastrophic single term for Obama despite demographic trends that favor Democratic candidates in too much of the country. As someone else in this Forum says,
"The Republican Obama is long gone -- Ronald Reagan."
Forget the aspirations to be as great as FDR or Lincoln; Obama already shows Reagan-like political skills. Those and favorable demographics suggest a landslide reelection in themselves. Whoever wins the Republican nomination for President in 2012 stands to be the new Walter Mondale. But looking good while losing as the VP candidate can be good some later election. FDR was the flip side of the losing ticket of 1920, and look what his career became!