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I believe Sarah Palin will win the debate.
These debates are all about managing expectations. Candidates will always downplay their own skills and talk up their opponents abilities.
Sarah Palin has had a terrible week this week. Expectations are very, very low for her.
BUT
Palin just wrapped up some intense debate prep, and she is very competitive
Palin will bring the heat, but all she really needs to do is stay on her feet to claim a big victory.
Senator Biden is prone to gaffes, but he is a Senator. All they do is debate and talk... so he is on home turf in this format.
Biden's bar is set much higher. I don't think he can win.
Biden will do well... but as long as Palin does 'okay', she'll be seen as the winner.
Of course... Palin technically could blow it... but I think she has at least the minimum required to pull this off.