Jim Gilmore is out:

Citing a late start and a front-loaded primary calendar, former Virginia Gov. Jim Gilmore announced Saturday he is dropping his bid for the 2008 Republican presidential nomination.
[...]
“I have come to believe that it takes more than a positive vision for our nation’s future to successfully compete for the Presidency,” he said. “I believe that it takes years of preparation to put in place both the political and financial infrastructure to contest what now amounts to a one-day national primary in February.”
[...]
Gilmore says he plans to form a state political action committee to support local Republican candidates in Virginia and also hinted at seeking office again in the future.

“I will be actively looking for other opportunities to continue in public service in the Commonwealth of Virginia,” he said.

[UPDATE] More from the Politico:

Gilmore said he has been approached about running for Virginia governor a second time, and about running for U.S. Senate if Sen. John W. Warner (R) retires. Gilmore said he will consider both options. Reflecting his long-held interest in Old Dominion politics, he said he will start a political action committee to support Republicans running for the state senate and House of Delegate.