Mitt would be a great choice, and would set him up as a sitting VP for the next Presidential election. Sitting VP's usually have a huge advantage. As strong as Dick Cheney is/was as VP, was he actually a good choice considering he was never going to run for President.
Hindsight, I won't use it.
Below The Beltway blog discusses the Vice President Pick.
An excerpt.
........but I think there are a lot of people that are in Steve’s position, and a lot of people who would be swayed into voting Republican in 2008 if McCain picks a Vice-Presidential nominee they can live with, especially if Hillary is the Democratic nominee. The problem is that history shows that Republican nominees haven’t done that great a job picking running mates recently. Reagan did a fairly good job picking George H.W. Bush in 1980 because Bush solidified his links with the GOP Establishment, and Bush was a pretty good Vice-President. Other than that, things don’t look good .........
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