AJ-Strata discusses Hillary's latest comments, and is well worth the read.
That said, it's a very interesting strategy... one that could very well sink Obama in 2008.
Think about it: Come June 3, Hillary is likely to emerge with a slight lead in the overall popular vote. She will have won a large number of the major primaries. And, of course, there are two large delegate-rich states which she won, but which will probably not have a single delegate.
Once the delegates are denied, Hillary will refuse to endorse Obama. She and her supporters will very publicly sit on their hands. She will simply state that she cannot support the disenfranchisement of Michigan and Florida. Obama, of course, will have to find some way to mollify her - and in doing that is going to reinforce the perception that he's a bit of a wimp.
Eventually, when the damage is done, Hillary will graciously (yeah, right) stand aside for Obama and watch him lose. She will then run in 2012 on an "I told you so" campaign.