You make several good points. I've mentioned here recently the debate some of us had about a year ago: what would do the more long term damage: McCain with a Dem. Congress (reaching across the aisle) or Obama with a Dem. Congress?
We are in the weeks and months now that will largely answer that question. I thought McCain would do more damage, and if Obama's major initiatives can be stopped, and the Republicans regain many seats in 2010, I think that will be correct. But it's still a close call.
One thing I forgot to mention, just from the “boy, that’s annoying” standpoint. I think I prefer hearing Michelle being hailed as a great fashion icon over having Meghan McCain having the huge megaphone she would have as the first daughter.