CPAC only reduces their own image by voting for Ron Paul. I'm sure the liberals had a great laugh at this, I know I did.
Obama will be better funded than most any republican candidate and as the incumbent he can manipulate various circumstances (think Chicago politics). And most importantly the MSLM will be running interference for him. They did a superb job of getting him elected (threw Hillary under the bus, refused to talk about Rev. Wright, or Obama's lack of experience on and on..)
I'm not yet checking out of this election as I don't yet know who the republican candidate will be. But short of a powerhouse Governor (not Pawlenty) Obama wins a second term! Remember where you heard it first.