Fast forward to Obama accepting the nomination.   
<b>Scenario Number One</b>
<blockquote>Hillary gives a concession speech at the convention in which she repudiates her previous assertions that Obama isn't ready to be C-in-C.  She states clearly and without equivocation that she believes Obama is ready to be C-in-C, and is a far, far preferable candidate over McCain in every conceivable way.  She clearly makes the point that McCain has shown poor judgement about wars and threats of wars and foreign policy in general, and that sound judgment is absolutely critical for a C-in-C. 

She appears on many talk shows, emphatically and enthusiastically endorsing Obama.  She's regularly confronted with her various statements endorsing McCain over Obama, and each time she repudiates those earlier statements without equivocation.   When she's asked if Obama is a Muslim, she replies without hesitation and without hedging at all that he is a Christian, without a doubt.

She recruits Wes Clark and others to endorse Obama's readiness to be C-in-C, largely (but not entirely) undermining McCain's efforts to use her earlier pro-McCain statements against Obama.    She apologizes for going to far in her efforts to win the nomination, and is very effective at healing the rift in the Democratic party between her supporters and Obama's supporters.
Obama wins the general election relatively easily.  Hillary is given a high-profile cabinet position.</blockquote>
 
<b> Scenario number two </b>
<blockquote>Hillary gives a perfunctory concession speech that doesn't actually "concede" so much as make thinly-veiled assertions of victimhood and tepid damning-him-with-faint-praise endorsements of Obama. 

Some time passes.  She's on various talk shows, confronted with and asked to explain her various endorsements of McCain.  She expresses "confidence" in Obama, but hedged and qualified, much as she hedged on whether Obama was Muslim.   She can't come right out and say that Obama is qualified to be C-in-C, that he's "crossed the threshold," without tacitly admitting that her endorsement of McCain in that regard was a vile, craven and false attack on a fellow Democrat.  She waffles, dodges and weaves, refuses to be pinned down.  

Mccain is all over this.  Her various statements about McCain vs. Obama are in his commercials on a daily basis.  Every statement she makes in any forum is an excuse for Fox and others to play her endorsements over and over again.  

Eventually Hillary works her way around to tacitly endorsing McCain again.  She expresses "concerns" about Obama, and so do various surrogates of hers.  

McCain wins a very close race.  Hillary is given a high-profile position in McCain's cabinet. 

McCain declines to run in 2012 for health reasons.  Hillary jumps at the chance to run for President again ...</blockquote>

Now the question is, which scenario seems likely to be closest to the truth?   I think Hillary's scorched earth campaign makes the first scenario exceedingly unlikely.  It just wouldn't be like her.  The second scenario rings true to me.  It fits with what she's done so far.