Joe Biden has had his historical moments, some would argue if not for previous gaffes, he would have been a serious presidential player. I don't always agree with Biden, but there is no question he is a pitbull, passionate, off the cuff, demonstrating refreshing candor, a pretty engaging figure. Couple the persona with the experience, easily one of the most respected Democrats on foreign policy, and you can see why Obama gave Biden the nod.
The VP selection generally gets some press for a few days, then it is relegated to the backpages, apart from occasional "moments". The VP only really shines in the debate, and this is where Obama's strategy should pay off. A theoretical Biden vs Romney would be a potential slamdunk for the Democrats. Aside from that, Biden actually could buck conventional wisdom and make some waves through the process. Biden is highly quotable, not afraid to attack relentlessly, do the dirty work for Obama, allowing him to project a Presidential air. All things considered, a good choice, somewhat risky, but solid.
As an aside, I notice Jason is framing this decision as a sign of fear. That's fine, but this quote deserves a response:
Now, when it came time to pick the number 2, he went with bland and boring.
Biden is a lot of thing, "bland and boring" about the last adjectives I would choose. I thought this video a good representation, one that shows Obama's selection of Biden is anything but Jason's characterization. This is what Obama is banking on: