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As much as I believe she would have made the race a bit more exciting, I think there are pros and cons as to her decision. Cons, of course, are what I said above -- a true patriot who cares about fixing America's problems. Pros could be, the fact that if she had announced her candidacy, nearly every media source would have hounded in directly on her. It would have taken a huge amount of coverage from the rest of the candidates. It also may have taken the spotlight from some of the very important issues being discussed within the race right now, since the media has shown repeatedly that they find Gov. Palin an open target (wrongly-- everyone should be vetted, but hers was just a bit much).
Sarah Palin fans everywhere are now deciding what to do next. Many of them may wait to see if Gov. Palin endorses a current candidate. If she does that, there is a very good chance that many of her supporters would turn to that candidate. Some of them will turn toward other evangelical, grassroots Conservatives in the race, such as Governor Rick Perry or businessman Herman Cain. Either way, those votes will now be divided up and could help choose the actual nominee.
New Jersey Governor Chris Christie also announced that he is not running-- again. He has said it repeatedly for the past year, but decided a few weeks ago to "reconsider" a run after being implored by so many. Since he has kept the same decision for so long, I don't think anyone was really expecting him to change his mind in a week. I personally do not see Gov. Christie the way most people do, in that they believe he would be the perfect candidate to come in and shake things up. I believe that if he really did run for president, as he will probably do in the future, issues will come up regarding his past, just as they have for every other candidate. No candidate will be perfect-- regarding their past, or in other areas such as speaking. The longer someone has been in a high leadership position, such as governor, the more mistakes they will have in their resume.
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