Mitch Daniels is a good conservative and he was just re-elected (I think) so Pence has a bit of a wait to run. Daniels may be term limited.
Daniels ran (and won) his 2nd term in 2008. There will be a new governor election in 2012 just right for Pence.
That’s what it looked like to me. Apparently he was first elected in 2004 so he may not be able to run again.