If so, it's a great pick. I say that for two big reasons - one to do with the campaign, the other with governing.
Biden tends to get carried away with his own eloquence (no wonder he chose one of Kinnock's speeches to nick), but he's a highly compelling debater and speech-maker. Best of all, he can perform that most difficult of roles - the likeable attack dog. On the offense, he never comes across as mean or snotty. Just fired up, knowledgeable and passionate - on foreign policy, and on the economy. And he cracks a good joke.
He's also exactly the partner Obama needs in the White House, should he win. For all the talk of change, Obama will need people around him who know how to get things done in dirty old Washington. Few people are as familiar with the workings of Congress as Biden, and fewer still are as well liked and respected by politicians in both parties. Biden can help the boy wonder put together a legislative programme of substance.
UPDATE: Biden says he's not the guy!
UPDATE ii: but remember, nobody knows anything
UPDATE iii: this does sound an awful lot like a description of Biden