McCain was far from my first choice. I campaigned for Mike Huckabee during the primary season. The American presidency is the most important job in the Western world and to take a chance on someone as inexperienced as Obama is a gamble I don't believe any informed voter would take. Of course, no one ever said the American public was informed.
If Obama's economic policies are successful then the current Republican obstructionist tactics will put the party in a worst spot than it is right now (which is pretty low). But the public doesn't have much patience when it comes to the economy and if Obama's polices are not working in 2010, then it will be a real good Republican year in the Congressional elections. At some point, blaming 8 years of Bush for all the country's problems will no longer work and the voters will start to hold Obama responsible.