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Cheney will leave the ticket if it becomes necessary to ensure reelection. Although it's a Democratic talking point, there's some truth the the assertion that most everything the administration does is politically motivated. The only thing is, Cheney is perhaps the most powerful and influential VP ever. Will he leave, and will he be allowed to leave? Make no mistake; a Bush-Giuliani ticket would be stronger than a Bush-Cheney ticket, and Bush is very beatable this fall (his reelect has been below 50% on a regular basis). No SOTU bounce. He loses in a national poll against Kerry (keeping in mind the fact that Bush hasn't campaigned against him yet).
For those of you speculating about Powell, if you recall, Powell has chosen to step down after the first Bush term. I suspect that he has little interest in taking on a larger role in the administration. There's speculation about who might replace him, but I have heard that Condi Rice might do it.
So who goes for VP? Giuliani can't deliver NY, but he's influential with moderates, has 9/11 cred, is viewed as being pretty tough, and has been actively campaigning for Bush. In spite of his support for some liberal policies, I suspect that the hardcore republican base likes him. He also brings a lot of star power to the ticket.
I can't think of enough good things to say about it from a republican standpoint. As a Democrat, I can't say that I welcome it. I can find satisfaction in the fact that Bush is an objectively bad president, and that the record he has to run on isn't spectacular.
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