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In the 32-year history of vice-presidential televised debates there has never been a contest as highly-anticipated as Joe Biden versus Sarah Palin.

It will be a classic battle of archetypes: the experienced Washington insider against the plucky, charismatic Alaskan outsider.

The presidential debate between Barack Obama and John McCain was memorable in that it provided a fairly rigorous intellectual fight, although one that featured no major gaffes or knockout punches by either opponent.

But the vice-presidential debate has the potential to be incredible prime-time entertainment, especially for viewers looking for a political car wreck.

Anyone who has just watched Palin's two major television interviews since becoming McCain's running mate -- or their hilarious send-ups on Saturday Night Live -- would think the veteran Biden has the debate in the bag. But they may be in for a surprise.

Biden has a reputation for his own verbal gaffes. After all, he did call Barack Obama the first "clean" African-American candidate for president, and just last week he made the incredible statement that Franklin D. Roosevelt went on television in 1929 to address the oncoming Great Depression.

Of course, FDR was not president in 1929 and television wasn't commercially available.

Biden is not considered a strong debater, but he's not a weak one either. During the Democratic primary debates he proved himself to be very knowledgeable on the issues, and not bad with a one-liner.

But he also could come off like a know-it-all, was sometimes long-winded and occasionally testy.

And Palin, for all her inexperience on the national stage, is actually considered a strong debater by many. Democrats are already praising her skills in an attempt to artificially heighten her stock, but many Americans may be surprised by Palin's performance.

In her 2006 campaign for Alaska's governorship, she showed some prowess on the stage while debating more experienced opponents.

She showed confidence, and she was particularly adept on avoiding issues that she wasn't well-versed in. She also displayed an ability to wait for her opponents to expose themselves to criticism and then go on a fierce attack.

Palin also proved that she has the ability to use humour to both embarrass her opponent and make herself look above partisan political bickering.

"Anyone who watches any of her previous debates would be impressed by her debating skills," Obama campaign manager David Plouffe said Saturday. "She has performed very, very well."

One drawback to Palin's style was that she was prone to making broad philosophical statements on topics she wasn't comfortable debating. And with Biden standing a few feet away, she may not be able to avoid discussing specific policy issues.

High-rewards and high-risk

Unlike Biden, Palin will win a few points by just showing up Thursday. After she energized the Republican Party at their convention just four weeks ago, much of her polish has worn off.

She has been largely avoiding the media on the campaign trail and in two television appearances it was clear why. In those interviews she:

• Seemed bewildered by what the 'Bush doctrine' was;
• Backed Obama's plan on how to deal with Al Qaeda in Pakistan;
• Spoke almost incomprehensibly about the financial bailout plan;
• Said her state's proximity to Russia gave her foreign policy experience; and, 
• Appeared ready to go to war with Russia over the Georgia conflict.
• Claimed to read "all" the news, but failed to name a single newspaper or news magazine she reads

Left-wing blogs and comedians have had a field day with the 44-year-old Alaskan. Even conservative commentators have started openly suggesting that Palin is unready for office and have called for her removal from the Republican ticket.

But that could all change with a strong debate performance. With extremely low expectations for Palin, anything other than a complete disaster will be seen as at least a partial victory in many corners.

As for Biden, anything other than a decisive win will certainly feel like a loss. But if he does emerge as the clear victor, it would almost certainly be the last nail in the coffin for Palin -- she would have few major opportunities left to redeem herself to the public before the Nov. 4 vote.

But history has shown that Biden would be wise not to appear condescending towards Palin. In 1984, Democrat Geraldine Ferraro accused Vice President George H.W. Bush of patronizing her in their vice-presidential debate, when Bush started to pester her about her inexperience.

For Biden, the strategy could be to not focus on Palin, but to attack McCain and President George Bush. This would force Palin to defend her party's record and nullify her personal strengths of playing to the audience.

The big picture

The vice-presidential debate comes almost a week after the first Obama-McCain debate. While most analysts thought the debate was a draw, polls showed that the majority of Americans thought Obama won.

After riding high in the polls after the Palin pick, McCain is now back to where he was all summer -- trailing Obama by a small but steady margin.

According to the latest Real Clear Politics poll, Obama has pulled ahead in virtually all of the swing states, giving him more than enough electoral college votes to claim the White House.

But McCain can take some solace if Palin performs poorly against Biden. History suggests that the outcome of the vice-presidential debate is not necessarily an indicator of what's to come on election day.

Republican vice-presidential nominee Dan Quayle was obliterated in his debate against Lloyd Bentsen, but that mattered little as George H.W. Bush easily took the 1988 election over Michael Dukakis.

Americans still vote for a president, not the vice-president.