Yes, it has started already. If I had any money it'd be on Huckabee/Jindal.
It's never too early for Intrade to start putting odds on the next presidential election. For the GOP nomination: 1) Mitt Romney 24.5 percent, 2) Mike Huckabee 11.1 percent, 3) Sarah Palin 10.5 percent, 4) Newt Gingrich 8.9 percent (thanks Bob Novak). No wagers have yet been placed on Bobby Jindal and David Petraeus, but volume overall is pretty light. Plenty of time to get in early. Interestingly, the GOP nominee is given a 40 percent chance of being the next president.
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