I think Palin is the prohibitive favorite to win the nomination. She has all of the grassroots energy and the backing of the radio flame throwers. She sucks all of the oxygen out of the room and I don't see anyone on that list who can match her. She will win Iowa and South Carolina and that will be it.
Unfortunately, this will be like a self inflicted gunshot to the head. She will lose badly because Independents don't see her as credible. Much of that is her fault, but the media has played a role as well. The only thing that stops Palin is a "white Knight" who enters when it's apparent Romney and the gang can't stop her.
I think by next summer, Palin will have consolidated her lead as Huck probably doesn't run. Same possibly for Newt. Once it becomes apparent she has a cakewalk to the nomination, I see a "cabal" getting together to prod someone like Christie or Jeb off the sidelines as a duty to the party.
Convincing Huckabee to run is the best Palin antidote. Together they could throw the nomination to a moderate like Romney or Daniels.