New York State has never had a woman as Governor. And, in 2010 there will be an election for a new Governor.
To my mind, being Governor of New York is a better prospect for Hillary than being Vice President under President Obama. She would not be the powerful Vice President that Cheney is under Bush and her ambition would cause a lot of friction.
Also, seeing as some people do not believe she'll be too old in 2016, she'd be better positioned to run for the White House after 5 years as Governor than 7 years as VP. She doesn't have to worry about a lack of national profile as she'll always attract the media.
If I were Hillary that's what I'd be looking for from the Democrat elders who want me out right now. I want a clear run at the nomination for Governor (that's you out, Chuck and you too Andrew). The Democrats would have to convince the current office-holder that the job's not really his cup of tea, but I somehow doubt that would be too difficult.
I doubt any Republican (Bloomberg or even Rudy G.) would have a prayer against her, so if the Democrats give her the nod, the job's as good as hers.
{Although New York has never had a woman Governor, the state has had two previous Clintons serve as Governor. George back in the 18th Century and his nephew DeWitt who was governor from 1817-1828. Neither is related to Bill.}