Superficially, at least, Bill Richardson is the man the Democrat party needs to run for President in 2008. He is a Governor (of New Mexico), who has also served in a Presidential cabinet, and has experience in foreign affairs, all of which is far better preparation for the Presidency than time served in the Senate (although he also also served in Congress). As a Hispanic man from the Southwest, he is well positioned to capitalize on Democratic gains in Colorado and Montana, and the potential for Democratic gains in very purple and rapidly transforming Nevada, and with the swing Hispanic voters whom the Republicans have had their eyes on for many years now.
Western Democrat has a link to a recent interview with him.
Critics argue that he does not present well and has a personal style ill suited to campaigning. Those are concerns to take seriously in the wake of campaigns by Al Gore and John Kerry, both of whom were strongly indicted for their failure to connect with average Americans, despite being intelligent, competent candidates. One analyst, only half jokingly, argued that the secret to being elected is the "Elvis" factor. Bubba Clinton had it in spades. Gore and Kerry did not. Despite voting for him in ad hoc Presidential straw polls, I don't know Richardson well enough myself to say in his case.
At any rate, he is certainly a man to watch, and I have little doubt that he will, at least, be in the primary field in 2008, while Hillary Clinton, who has absorbed much fo the media attention in the run up to 2008, in unlikely to run for that post yet, based on her own statements of lack of interest.