Well going to Game Change (which I realize I refer to entirely too often, but it is pretty much a must read regarding anything involving the 2008 election), Hillary's biggest problem from the outset is that she had far less support than expected from the Democrat establishment. People like Harry Reid, Ted Kennedy, even Chuck Schumer - her own New York colleague - were meeting with Obama behind her back as early as 2006, seeing him as the likeliest anybody-but-Hillary candidate.
Anybody-but-Hillary was therefore a fairly strong impetus in 2008, convention time saw the establishment support public, the perceived (and actual) betrayal of the Clintons in the open, party bigwigs such as Al Gore speaking in Obama's favor (unless this is the PoD that leads to the brokered convention), and no reason left to be "polite" out of respect to Bill Clinton's elder statesmanship, which was temporarily damaged at this point due to frustrated statements and finger wagging.
This means that you would essentially have four machines working.
1. The establishment in favor of Obama
2. Hillary's with equal popular support but consisting mainly of Clinton cronies among higher-ups
3. The aforementioned anybody-but-Hillary crowd, now in too deep to back away
4. John Edwards who was still thinking he could influence the race to one candidate or another in exchange for a big role.
As for 4, that's pretty much just Edwards delusion, but could play a role depending on the PoD. Maybe Edwards stays around on Super Tuesday and ends up with more than 6 or so delegates. Him getting Vice President in exchange is near-ASB though, and only good if you're looking to start an old-fashioned Republican wank.
This leaves Hillary fighting Obama true believers and anti-Clintonites. Her advantage would be the threat of losing women and blue collar voters. This would bounce against the danger of alienating minorities by giving Obama a raw deal.
Hard to see Hillary pulling through and coming out ahead in this 2 against 1 scenario. Bill Clinton's pull within the party is quite weak at this time, as opinions are particularly polarized. Most likely Obama lands on the ticket with a woman who isn't Hillary, or a blue-collar hero... maybe Joe Biden.
JoeMulk's point of Obama dominating the ticket in the VP slot is a good one, though I could see the ticket turning out that way if the concern among delegates is experience. They could choose to have the best of both worlds, taking the experienced, solid on foreign policy Joe Biden with the superstar Barack Obama as his running mate... they'd see it as turning a brokered convention into a compromise that sets the party up for 12 years.
As for Obama dominating media attention from the bottom of the ticket, well that would only make it level footing with McCain/Palin. Unless McCain seeing the confusion headed into Denver decides to make his choice based on stability, rather than an ID politics Game Changer... and takes Tim Pawlenty as he should have.