It's being reported that Obama's campaign is "thrilled" with the pick because now the inexperience arguments are off the table with Sarah Palin one step from the White House.
As they should be.
I think a reason McCain picked her was that she would be pro-life legit to calm the social conservatives down, and which McCain doesn't hate her guts (like he dd with Romney, and reportedly with Huckabee as well).
But there are some real drawbacks to this pick:
(1) As a GOP Governor, she's currently under a criminal probe led by a GOP-controlled Alaskan legislature, investigating whatever she without good cause fired a state trooper...who happened to be married to her sister, and whom was divorcing the trooper at the time.
(2) If McCain sought to capitalize on Hillary's supporters still upset/meh on Obama, consider two problems with this logic: #1 Palin is pro-life, and most American women according to polling data, about 55%, are still pro-choice, and #2 Go ask Walter Mondale how a female VP racked up the votes for him in 1984.

(3) Back to experience as Lou points out, this pick wipes out one of McCain's strongest arguments against Obama, that of not having enough experience. McCain plays that card at a debate, and Obama will demand why she's experienced in case the worst should happen, and not him.
Boom
Remember 2004 when GOPers (rightly) attacked the Edwards VP pick as not having enough experience for the top job? Consider that Obama has had what, 3+ years in the Senate and some years (can't remember exactly how much) in the Illinois State Senate?
Now consider Palin, who's been Governor of Alaska for more than a year and before that was only the Mayor of a city.
(4) As much as I've shit on the idea of Ridge as VP because of his pro-choice stance, some here have pointed out right that he would though put Pennsylvania into play, and score some moderate swing voters.
With Palin....Alaska hasn't gone Democratic in a Presidential election since 1964. Obama was about 10 points last I checked there, but still I would have called it a safe GOP state anyway, even if the Governor/Senator/Congressman are in legal deep shit.
(5) Off topic, but she was asked what a Vice-President does and her response:
http://www.dailykos.com/storyonly/2008/8/29/11757/7150/175/578516(6) The name of her kids: TRACK, BRISTOL, WILLOW, PIPER, and TRIG.
Look, generally I don't diss names that people give to their kids, but admit it more than once alot of us have read the names given by celebrities to their offspring and laughed at how silly they were: Inspector Pilot (Jason Lee), Kal-El (Nic Cage), Apple(Gwyneth Paltrow), Jermajesty (Jermaine Jackson), Moon Unit and Dweezil and all that shit.
So now add Palin with
Track and
Trig.* At least we have a new political Frank Zappa as a punchline.
Again, is she from Alaska or Hollywood?
(7) Biden will shred her to bits in the VP debate, though her only chance might be that Biden will try to be softer than usual just so he won't be criticized as being too tough on a girl.
(8) Still, congrats to the GOP for nominating their first woman to a national ticket.
*=Though I feel bad with pointing that one out, considering he has down syndrome. Still.....
Trig? Will Palin's next be called
Calculus?