Obama should announce his VP pick in the 24 hours because it is the smartest thing to do politically. If he does so then Obama will totally control this week news cycle and then he will have the week of the convention. That is two weeks of absolute Obama news coverage.
Some say that it is not good to do it now because of the Olympics. That is a very weak argument. In fact Obama should announce his VP pick during prime time coverage of the Olympics so even NBC will cut their Olympics coverage to break this important news and thus having a massive audience who will hear about it. Moreover all the news media will be talking about this all the way until next Monday the start of the DNC convention.
PS: Do not be surprised if Hillary Clinton will be Obama VP.
Update from Drudge:
PAPER: OBAMA MAY ANNOUNCE VP IN AM
Mon Aug 18 2008 17:01:04 ET
The NYT newsroom was buzzing late Monday afternoon after Obama-beat reporter Jeff Zeleny learned how the Dem hopeful has finalized his choice for a running-mate.
Obama has set out an elaborate roll-out to announce his decision that will begin with an early morning e-mail to supporters, perhaps as early as Tuesday, Zeleny has been told.
Developing... all night long