Personally, I am of a firm belief that election boycott only works if all credible political parties join in the boycott. Otherwise, those who boycott just lose a chance to be relevant.
There are strong rumors that US is pulling the strings to make sure BB does not boycott, and therefore elections retain some semblance of authenticity. If she boycotts along with NS, then the whole thing will become a sham, and Mushy will likely be in a very tough spot to continue his hold on power.
On the other hand, if they both participate they will provide legitimacy and cover to Mushy’s set up. It will likely make PML-Q and Chaudhries of Gujrat as irrelevant (and they will be upset - ambitious as they are). After the elections likely it will be a coalition government with four significant parties vying to get their PM in (PPP, PML-N, MQM, Religious parties under any name).
In this backdrop, BB and NS meeting was interesting in which they claim to be coming up with a charter of demands, or else they will BOTH boycott. If you believe conspiracy theories than BB is just stalling for time and has no intention of boycotting the elections (being under US pressure), and at the end of the day NS will be left hanging. But if political situation changes, and both actually do boycott, where will it leave Mushy?
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However, neither she nor Sharif mentioned a key demand of Musharraf's most vociferous critics — that the judges be restored to their posts.
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Ofcourse they know if the CJ and other judges come back, not only cases against musharraf will be reopened but pendending cases on them aswell.
Basically she i saying that she will not boycott the elections but if the elections are not rigged in favor of her, she will challenge and do something like Orange Revolution of 2004 in Ukraine. Meaning, she wants to get in power by hook or by crook and it doesnt matter to her what judiciary is in place. Nawaz has been banned by election commission, so he can protest and boycott all he wants.