Do you remember that comment that McCain made about Obama not knowing the difference between a tactic and a strategy? So right now, the McCain camp is throwing a lot of small shots that could be damaging but are mostly just getting the Obama camp off balance. The second debate gave the Obama camp a reason to increase their expectations, but the Ayers question and the new NP relationship are starting to make waves. Sarah Palin was presented to the MSM in one fashion, then set loose to upset the lowered expectations. And, of course, the relationship with ACORN is drawing more scrutiny.
Those are all tactical maneuvers. I think McCain is correct. The Obama campaign has had an overall strategy of not engaging directly in negative politics while allowing surrogates free reign. But they haven't shown the kind of intentional thrusts one would expect from tacticians. They're thinking globally, but not locally.
The McCain campaign has gone through some periods of what seem to be frustrating complacency. They often have information that they withhold and use later. They often seem to feint and then draw back, and then later attack more powerfully on those lines they see as successful. The McCain camp is treating this campaign like a boxing match. The Obama camp is acting like this is Rover Red Rover, where you intentionally call over the girl on the other side who will fail to crash through and then come about and hold your hand.* There are no tactics, just a plan based on wishful thinking.
I think we'll begin to see the real thrust at the final debate.
*I don't know if this was your tactic, but it was mine—at least it was in fourth grade.
UPDATE: Funny, Jay Cost is using the same conceit, but in the opposite sense. I think it is like a boxing match, which are cumulative but also subject to immediate resolutions.