Conn Carroll has a modest proposal:

Perry has performed poorly in all four of the GOP debates in which he has participated. Even the candidate himself seems to acknowledge that debates can only hurt his campaign. So why show up? The Perry campaign is telling every reporter who will listen that debates don’t matter. OK. If they really believe that, then why have Perry show up at all? Why not just work crowds, raise money, and run TV and web ads? We know Perry can’t debate, so let the headlines be about what he CAN do.

Alana Goodman thinks, regardless of what Perry decides, we ought not to count him out:

Aren’t the debates starting to lose their significance at this point, anyway? Romney looks inevitable. The only reason so many of the other candidates are still showing up is probably because its free. Bachmann’s almost out of money. Newt clearly lost interest a long time ago, and is now just doing it for the entertainment value. Huntsman’s at zero percent in the polls, and Santorum’s campaign is heading there. But Perry has none of these problems. He’s still in the top three in most polls. And he has $17 million to burn. No matter how many times he bombs out at a debate, he can still run a top-tier campaign in every other area.

I think he's toast. Just not ready for primetime.