The President is scheduled to announce his nomination to the Supreme Court at S2100 (9:00 PM EDT).
Some people expect it will be Edith Clement, from the New Orleans federal court. Seems reasonable, from what I've read about her. The court certainly needs a few women on it - as does any council of collective wisdom of such magnitude.
The President is keeping true to form by making his decision and making announcing it soon thereafter. Clement would be a fine choice, but might be a bit too much of a concession. This is one of those "political capital" moments. The President has an obligation to replace the retiring Supreme Court justice: however, he has NO obligation to replace Sandra Day O'Connor. What I mean by this is he is not bound, morally, legally, or pragmatically, to appoint someone who shares her approach, her ideology, or her background. Nor her gender.
I hope the President's nomination is a complete surprise. I'll be very disappointed if the media isn't clamoring over it tomorrow. I hope we can even get the New York Times to run a headline like "Bush Shows Partisan Favoritism in Court Pick" or something equally ridiculous. It's still not news, but at least it breaks up the monotony of the usual lack of news reporting we've come to expect from the mainstream outlets.