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This race won't be officially framed until after the Democrat is chosen in the 26 August primary, but whichever Democrat wins, he/she will be running against Don Young.
You'd think this would be a tough race, since the seat has been in Republican hands ever since Rep Nick Begich (yes, father of current Democratic Senate Candidate Mark Begich) was killed with Hale Boggs in a plane crash in 1972.
However, never underestimate the damage candidates can do against themselves.
Taxpayers for Common Sense recently discovered a memo to Young's interns, which, in addition to pointing out gems like when Mrs. Young says sunflower seeds, she means pumpkin seeds, and you should always eat what she tells you to, also has a nice section on lobbyists.
To wit, TCS lists out the lobbyists who can speak with whomever they wish in the office. Included on the list is the brother of Tom Delay. (It would be nice if all people would smile so broadly in their mug shots.)
So while we don't know who the Democrat will be, nor how much money he/she will bring to the race, we already know that this race will be competitive in a state targeted by Obama on the Presidential side, and by the FBI on the corruption side.