I hate McCain-Feingold, but this is just bunk. There was nothing in the law previously to prevent this kind of activity by millionaires. The new activity only sprung up because the parties weren't allowed to do it anymore, so people needed another venue. This only proves that McCain-Feingold is worthless and stupid (and uconstitutional), not that it seriously disadvantages the GOP.
The real problem is that Republicans did such a crappy job in power and became crooks, and and that Bush totally screwed up Iraq. Without those things, the negative advertising would not have resonated with anyone.
Yes, they did do a lousy job but the media sure as .... didn't help. They gave demonrats a pass every time but the pubbies were practically crucified.