@Cycloptichorn,
I don't think I can watch it live and it's killing me!
(9PM EST + school night + over-sensitive hearing-ear kid. I tried to watch the Obama acceptance speech after I put her to bed for the night and she woke up. Just kept her up and had her watch it too and brought her to school late the next day. Can't do that tomorrow.) (Matters more than usual because she gets sick at the drop of a hat this time of year, and lack of sleep is a major risk factor.)
ANYWAY, I think Palin will do better than expected.
I think she will make gaffes, but I'm not sure if she'll make any gaffes that she is immediately called on. Take the "right to privacy" thing from the Couric interview. It's a gaffe because it undercuts a lot of the opposition to Roe vs. Wade -- but that's a bit too esoteric for most people.
If she makes that kind of gaffe -- the kind that the pundit class bemoans but nobody else really cares about -- I think she'll come out OK.
What I'll be looking for is the outright, no-spin gaffe -- like one of those incredibly ungrammatical, nonsensical sentences, hopefully ending with some stammering and then a blank look. Or just an instant whopper, one that she can be called on immediately rather than the next day, after the fact-checkers have done their thing. The "can you name an example of...?" ones seem to be a good way to stump her, too.
Just, something that your average voter would watch and realize that Palin is in waaaaaaaaaay over her head, not something that makes them think "whatever, she seems like a nice person..."