Following the announcement that Barack Obama has taken the first formal step towards entering the 2008 Presidential race there has been a fair bit of discussion in the press about his prospects and in particular about whether he is right to run for President while still relatively inexperienced rather than waiting for next time around. I would argue that if he doesn't stand for 2008 he wouldn't be likely to get another serious chance.
If another Democrat wins in 2008 (and the Democrats are comfortable bookies' favourites at present) then the Democrat nomination won't be on offer again until 2016. Even if the Republicans win he would be running against an incumbent President in 2012, a far less favourable situation than facing a new candidate from an unpopular (at present) party.
Furthermore, the momentum / excitement that is behind him at present isn't necessarily something that can be put in a box and saved for next time - if a week is a long time in politics, by 2012 or 2016 he'll not be the man of the moment, he'll be "that Obama guy who people were talking about a few years back".
Gerard Baker in the Times reports an unnamed Democrat senator's sound advice to Obama:
"There is nothing like timing in presidential politics. There are only half a dozen people in America at any time with a real shot at becoming president, he told him. When your name is among them you do not tarry."
