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I agree that Condi is too closely associated with Bush for McCain even to consider her.
In terms of ability, I'd hesitate to evaluate it by looking at fancy degrees. I know I have one and I certainly wouldn't put me in charge of anything. And I know too many very highly educated people who are total fools when it comes to making any sort of real life decisions. As for Condi - from what I read, she's not a great executive and didn't do a great job as National Security Adviser - she was supposed to coordinate multiple agencies and didn't do it well. Now, maybe it's a function of the fact that you can't herd cats - trying to coordinate between Rumsfeld and Powell must have been no mean task. But still.
That said, she is clearly a formidable intellectual and she has a lot of fans on the right. Personally, and this is just a gut feeling, I dont think the righties would care that she's a lesbian (if in fact she is, which seems a good bet to me) because she is discreet about it and doesn't make a big deal of it. If not for her close association with Bush I think she would have been a plausible VP candidate. But McCain clearly wanted to shake things up and go for something totally new, and that's not Condi.
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