Not my first pick, but if Gephardt is the one, then unions such as the Teamsters will be very happy. Gephardt is a solid, if somewhat mainstream and safe choice, and should add to the chances of Kerry winning Ohio and Missouri, which would probably win him the election. Gephardt will be able to debate Cheney without running the risk of appearing inexperienced.
I liked Edwards more, but really, North Carolina isn't in play. Edwards' big strength was fundraising, but his participation was mostly seen as important in Florida, which would be a hard, risky, expensive fight to win. Missouri is also a hard fight, but Ohio is not that difficult, assuming that the Teamsters throw in their support... and Gephardt is a son of a Teamster, and also is on record as opposing NAFTA.
So, maybe that means that the Democrats can stop worrying so much about the South -- with Gephardt, they could lock up Ohio, prevent a serious challenge in New Jersey, and probably win the whole shebang right there... and maybe even come off as anti-NAFTA (or pro-NAFTA reform) enough to make Ralph Nader and his supporters happy. Perhaps this race suddenly stopped being about Florida anymore.
Guess we wait until tomorrow and see if this headline goes the way of "Dewey Defeats Truman"...