With Chicago Mayor Richard M. Daley’s announcement that he will not seek election in 2011, who is going to be the next mayor?

This promises to be a fascinating race, with “no shortage of mayor candidates.” Perhaps Rahm Emanuel, perhaps another Daley, perhaps a current lower-level city or county official.

While there will be a lot of people salivating at the first opportunity to win the mayoral spot in over 20 years, I’m sure not sure this is much of a prize. Chicago faces numerous issues including a large budget shortfall and ever-present issues with crime and education.

It will also be interesting to see how Mayor Daley will be remembered as he finishes his term. Will he go out on a low note (particularly with his recent low approval rating) or will he be recognized for helping Chicago escape Rust Belt status?