First, some obvious politics. If Hillary Clinton manages to wrest the Democratic presidential nomination from Barack Obama, don't think for a minute that some black folks wouldn't gravitate to a ticket with a black person on it. Maybe not a majority, but enough to make people sit up and take notice. Rice has been highly visible the past few years, and adding her to the ticket could make McCain look inclusive. She can't really point to many foreign policy triumphs, but she's been working for George W. Bush, after all.
Ironically, one big negative for Rice happened on the domestic front. During Hurricane Katrina back in '05, she was shopping and taking in Broadway shows while folks in New Orleans were catching hell. Beyond that, little is known about her views on critical domestic issues like the economy, health care, the mortgage crisis, and the like.
Maybe that's just what John McCain is looking for, maybe not. But it sure makes for some interesting speculation.
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