I don't think he'd be Romney's VP. I think he's connected enough to know that the smart money is on Obama, and he shouldn't risk tarnishing his political image by being on a losing campaign, constantly pandering to the Birther retards on the Right.
I think Jeb's laying the groundwork for 2016. By all accounts, he was more hard-working and humble than his "hard-partying jackass" older brother. Too bad he didn't become president in 2000, instead of GWB. He can sit this one out, position himself more to the center, knowing that in 2016, without a reasonably popular centrist incumbent Democrat in the WH, he won't have to appeal solely to the most extreme elements on the right to have a shot, like the chumps gunning for the GOP nomination this year had to.
the question is: did GWB permanently ruin his family's name in national politics among enough voters that no Bush would ever have a shot again?
EDIT: Jeb made the news for similar comments a week or two ago, and everyone said "Oh, what a great guy!" Or maybe this is the same thing, just re-hashed. either way you know there is some other political forces at work here...