I just don't see Giuliani as electable. I could be wrong, but he's lost a good bit of his post-9/11 luster.
What will be most interesting is if Bloomberg does jump into the fray, but not as either party he's been a member of. A fully independent ticket could win at the end of the day. Look at what damage Perot did. Now imagine Bloomberg in that position. He could very likely run circles around whomever the Dems or Reps put out there.
Or...it could just be me wishing for something other than a Republicrat in office.