Peggy Noonan is all about “intangibles” (speech-giving as “leadership”, vague notions about “character”), and has never cared too much about conservative policies.
She liked Reagan because he was a visionary leader who was also very articulate. She disliked the Clintons not for their liberal policies, but rather for their dishonesty and crassness. She was too good for the trailer-park Clintons.
But she is drawn to Obama’s messianic element, even if that means she is supporting socialism.
If you live in New York, you can be a Conservative (a pro-life, low tax low spending party) She chose to be a Republican (basically, a liberal). Her registration explains herself.