Young faced a primary challenge in 2008, when he narrowly beat the state's now-Gov. Sean Parnell (R) by just 304 votes, and was especially vulnerable then after an investigation into his earmarking. Parnell, who was then-Gov. Sarah Palin's lieutenant governor, also had her backing, but that was before her rise to fame. Miller would likely get Palin's endorsement again should he challenge Young.
And while there's still plenty of time for Young to make up ground, he does have a yawning financial disadvantage against Miller, ending 2010 with just over $170,000 in his coffers. Young didn't face a tough campaign at all last year - easily disposing of his Democratic challenger by 38 points. Nonetheless, he still spent more than $900,000 on his campaign last year after raising just over $1.1 million.