I hope she does run, and I hope she gets the Republican nomination in that state. That's because while she might be able to get the GOP nomination, I don't think she could beat Begich in a general election campaign. Poll after poll has shown she is very unpopular in Alaska, and I doubt the voters there would elect her to any political office again. After all, she let them down the only time she won statewide office, by resigning after only serving half of a term. I don't think they'll make that mistake again.
Unfortunately, I do not believe she's really interested in running. She's just tossing out some fodder for the few fans she has left -- in the hope of milking a few more dollars from them. She has no interest in the hard work of governing (as she showed when she resigned as governor). She just wants to spout off and keep the dollars flowing in -- and if she has to tease her fans with a phantom candidacy to do that (like she did in the last presidential election), then so be it.
But I can always hope, since I would like to see Begich re-elected. He's not as liberal as I would like, but we need to keep a Democratic majority in the Senate -- and he's certainly better than any Republican Alaska would send to Washington.
(The above caricature of Sarah Palin is by DonkeyHotey.)