By the time NC rolled around, Edwards was already practically out of it. That's the problem with frontloaded primaries.
He won't have any trouble having a draw in the south, and as gtd stated, he'll look very good next to Kerry. He might even be able to spice up Kerry's message a bit.
I, personally, think it's going to be a wildcard, though. Edwards seems like the obvious pick, but... I don't buy it. For all the talk about it, I really can't see him picking anyone that has aspirations for 2008/12. So, perhaps someone like Russ Feingold, maybe? A ticket of two Senators is less than appealing, but Feingold may help to neutralize the effect of third parties, and he'd be another Cheney-type VP. I'm not saying he'll pick Feingold, but if I had to bet, it would be someone out of right field like that.