The New York Times today reports on "options" for Hillary were she not to accept the SoS spot:

The discussions about an enhanced position for Mrs. Clinton are factoring into her deliberations over joining the cabinet, the officials said. Mrs. Clinton, the junior senator from New York, is wrestling with whether to abandon her independence to become the nation's top diplomat or remain in a chamber where lack of seniority limits her influence....

Mrs. Clinton asked to join the Senate Democratic leadership after the Nov. 4 election, and party leaders began trying to figure out a way to accommodate her without dislodging any of the current leaders, Democratic officials said. The conversations, they added, preceded Mr. Obama's approach to her about becoming secretary of state and are on the table if she turns the job down....

But driving her consideration, friends said, is a sense of disenchantment with the Senate, where despite her stature she remains low in the ranks of seniority that governs the body. She was particularly upset, they said, at the reception she felt she received when she returned from the campaign after collecting 18 million votes and almost becoming the first woman nominated for president by a major party.

One of Hillary's considerations, were she to take SoS, is what would she do after her tenure, which doesn't necessarily equate to the end of Obama's administration. Could be a dead end for her. On the other hand, the Senate offers some future, as tedious as it might be, for her to continue. Wrangling for an increased place in that august body then seems like a smart move.