Reading more about this, I can see why the idea of being secretary of state appeals to Hillary Clinton and Obama.
While there is no guarantee Obama will appoint her, it seems he is trying to take a page from Lincoln’s book where he created a cabinet of his rivals to ensure greater unity in the long run. The book “Team of Rivals: The Political Genius of Abraham Lincoln” by Doris Kearns Goodwin is a fascinating and good read by the way. It appears that Obama is a fan of the idea as well.
From Clinton’s perspective, she apparently feels stymied by the seniority system in the senate. Apparently at her age and relative position she has little chance, as junior senator from New York, of ever achieving control of a major committee or becoming majority leader. And she was also apparently rebuffed by Kennedy when she asked him to create a sub-committee to deal with new health care legislation that she could run. That is, after all, her trademark issue.
Also, as somebody else pointed out, while as Secretary of State you still have to attend boring meetings all the time, at least they are with heads of state in glamorous places like resorts in Dubai and Geneva instead of with transit officials at a Holiday Inn in Albany.
Even her critics don’t doubt that she would throw herself into it and do a good job if appointed. She is the type who likes to keep busy and actually accomplish things, so that’s probably why she would not be satisfied with a just senate sinecure.