Oh what a lovely election it will be (and we’re not talking about Australia).

This morning’s news that Senator Barack Obama has filed papers to establish a committee to raise funds for his run at the presidency in 2008 – effectively positioning himself to announce his candidature in a few weeks – sets the scene for an absolutely compelling US election campaign.

The next momentous announcement is likely to come from Hillary Rodham Clinton, now widely expected to throw her hat into the ring.

If one of them wins the nomination, Americans will for the first time be able to choose an African-American or a woman for president.

Against the backdrop of a highly unpopular war and an increasingly hopeless-looking Bush administration, Americans will be looking for another way, just as they were ahead of the recent midterms. It’s a time when points of difference could make all the difference in the world.