Two other points:
(1) The idea that Obama must appease her and her supporters or they will not back his campaign is reminiscent of the way that Democrats were held hostage to identity politics in previous decades.
(2) I don't understand her endgame. One interpretation is that she's trying to solidify her position as the frontrunner for 2012 if Obama loses in November, but she's generating so much resentment among Obama supporters that it will arguably damage her standing within the party.
Update 6/4 1:47 PM: Matthew Yglesias notes in response that Hillary's favorability ratings among Democrats have only dipped slightly, which is a fair point. However, I think it's reasonable to believe that her standing among Democratic activists and donors who are backing Obama has dropped off much more sharply. Also, it's important to remember that the only way she can run in 2012 is if Obama loses. And if that happens, she will receive a substantial amount of blame for the loss, which will drive down her support across the party.