The first is that she has another model in mind for winning the presidency, in which case I think her chances are bleak. The second is that she wants to run in 2012 but has no particular strategy in mind, in which case her chances are still more bleak. The third is that she has no intention of running. Note that this third option is compatible with her being an important voice for the causes she believes in.
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Well, sure, except that it's very easy to claim that no individual Republican has an especially "likely" chance of becoming President at this point. And that no one else is motivating people to stand in the cold for 24 hours to see them right now. Or that anyone else is polling almost on par with Obama right now...
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