NEW YORK (MarketWatch) -- Time magazine has a nice problem: It can choose between two compelling newsmakers as its 2008 Person of the Year.

When it announces the winner next month, will Time opt for Barack Obama or Sarah Palin?

Of course, these aren't the only contenders, by any means. But Time Warner's TWX, Time has been known to zig while the country zags. The magazine may select someone who doesn't have a link to the just-concluded presidential campaign. Time likes to make off-the-wall choices, in an effort to look controversial and manufacture publicity, such as Vladimir Putin, the prime minister of Russia, a year ago and "You" two years ago.

"You" was a nod to the raging popularity of social-network Web sites and the empowerment of individuals in a digital world. At the time, I thought the pick was as dumb as dust and said so in print. I subsequently saw the wisdom and recanted my criticism, to Time's satisfaction.

Obamamania vs. Palinmania

Does Time have the nerve to go out on a limb and select Palin over the obvious pick, President-elect Barack Obama?

Sure, Obama revolutionized and electrified the political scene, becoming the first African-American to win the U.S. presidential election. Further, he accomplished a far-reaching goal. He made politics seem accessible and relevant to a nation of disenfranchised Americans, including generations of African-Americans. That's no small feat in itself.

Palin as Time's Person of the Year

Then again, Palin, the oft-mocked governor of Alaska, achieved something remarkable in her own right. She showed it was possible for (truly) anyone to rise to political prominence on the national stage, whether she strikes you today as an inspiration or a punch line.

Palin's overnight fame seemed even more unlikely than that of Obama, who had followed a carefully scripted game plan designed to capitalize on the disillusionment over such better-known and seasoned rivals as Hillary Clinton and John McCain. By contrast, Palin emerged as the accidental celebrity of politics.

Remember, only a handful of political junkies outside of Alaska knew much about Palin as recently as Aug. 28. Then, 24 hours later, John McCain tapped her to be his running mate and unwittingly unleashed Palinmania. McCain was the presidential candidate on the Republican ticket -- but was there ever any doubt about which one was driving the media train? It was Palin.

Picking Palin

I hope Time selects Palin for these reasons:

Palin, even more than Obama, made politics seem exciting every day.

Obama, presumably, will get many opportunities to be named a Person of the Year during the years he occupies the White House (particularly if and when he leads America out of Iraq and helps us achieve economic prosperity).

It would be fun to watch so many Americans go nuts because Time, once again, chose someone unexpected.

No doubt, plenty of jaded readers will ask, who cares?

It's a fair point but, ultimately, a short-sighted one. Yes, the relevance of weekly news magazines has receded dramatically during the digital era. Still, Time's Person of the Year is probably the only end-of-the-year award that matters anymore.

Jim Kelly, the former Time managing editor who now holds the same title at publisher Time Inc. is fond of calling the Person of the Year speculation "America's favorite parlor game" -- and he is correct. If nothing else, it is entertaining to make a pick, like with the nation's preoccupation with holding Oscar pools every year.

There's nothing wrong with lightening up a little now and then.

MEDIA WEB QUESTION OF THE DAY: Who should be Time's Person of the Year? (and I hope that any sourpuss who snidely replies "who cares!" gets a lump of coal in his or her Christmas stocking).