Sarah Palin is not stupid.
The idea that she is unintelligent is merely a superficial analysis of her character, much like the dismissal of George W. Bush's intellect. Sarah Palin is immensely cunning. She is manipulative and sly, and she is dangerous. To handwave her presence as a non-factor would be foolish.
When she originally was announced as John McCain's running mate, I believed she would fade into the background once they suffered their inevitable defeat. Instead, she has risen through the ranks with unparalleled rapidity, becoming a celebrity politician. But she has not turned out the way that the Republican party had, I suspect, initially hoped. Instead of being a Republican standard-bearer, Palin was rejected after the election by a fair portion of Republicans due to her inexperience and potential for liability. This is partially her own fault, of course, given her ignorance and tendency toward cut-and-paste political talking points, but she has not let that stop her. Assimilating herself into the Tea Party, she has gradually usurped its small government origins into a Republican sect. An offshoot of traditional right-wing politics though it may be, it is only a matter of time before the Tea Party is wholly brought into the fold of Republican party, quelled and assured that the establishment Republicans will look out for their interests.
And when the Tea Party is fully a part of the Republican party, Sarah Palin will be right there with them. A political figurine grudgingly accepted, but a part of something larger. She has already proven herself adept at generating revenue, tapping into the fears and worries of the American people, and using Christianity to draw voters to her cause. She has slowly crafted the image she wishes to present of herself, eagerly accepting interviews and appearing at media events to put herself in the spotlight.
Like I said, Sarah Palin is cunning. She has gone from unknown Alaskan governor to media centerpiece over the course of two years. The idea that she is in any way "stupid" is preposterous. Is she a conniver only interested in promoting herself and increasing her fame? Absolutely. But is she dumb? Not at all.