Being a little bit "racist" may actually help Biden get the nod from Obama, as I explained here:
While most Americans do use stereotypes and make off-handed comments like Biden's, it is for some reason considered taboo for elected officials, they have to be PC for some reason. That's what I really hate and why I like Joe Biden.
You're right. However, I think there's one particular class of elected officials who are in a special category: Those running as Barack Obama's running mate. Part of the appeal of Obama for some people is that by voting for him, we are cleansing ourselves of our racial sins. (This may sound ridiculous to you or me, but I do think it's part of the psychology of some Obama voters.)
Having a running mate who's said some "racially insensitive" things would kind of amplify this. It's like Obama would be saying "It's OK that you bragged that Delaware was a slave state, and that I'm 'clean' and 'articulate'. You're forgiven." And white voters everywhere would feel better about themselves.
Again, that may sound kind of crazy, but I think there may be something to it. By the same logic, Jim Webb making complimentary comments about the Confederacy doesn't hurt his vice presidential prospects either.
That said, because of Biden's 7/11 comments, an Obama/Biden v. McCain/Jindal contest would be amusing.