My take is that the Dems have concluded that Bush will not be defeated in '04. With that assumption, ClintonCorp. has made the decision to lead the party astray in '04 by pushing it far to the left, to further insure that no candidate gets elected. Watch for hit pieces on any Dem candidate that shows even the potential of promise in '04.
This will allow Hillary to portray herself as being a "centrist" in '08. While it won't nearly be true, the goal is to move the party so far to the left, she'll appear centrist to Joe Six-Pack, with the Hard Left falling into lock-step behind the Clinton name.