With Indiana Governor Mitch Daniels being term-limited, and the current Lt. Governor Becky Skillman has decided not to run the field right now seems wide open. Also Pence decided to step down as the Republican conference chair so it seems unlikely that he’ll run for the House again. He’s also being courted heavily by the Republican Governor’s Association so it seems pretty likely that he will run to replace Daniels.
I think he made a good decision. It is extremely difficult to run for President from the House. If he decides to run for Governor in Indiana he’ll be better positioned for a run at the White House. I personally would rather see somebody with executive experience run away, they seem better qualified for the job. I suspect we’ll see him go for it in 2016 0r 2020, at 51 he’s still pretty young.