I was going to write something about McCain's "campaign suspension," which I regard as a brilliant, shrewd, and disgusting ploy, but then I saw Dave Galanter's entry and decided that he's pretty much nailed it.
I thought it was going to play out perfectly—though asking for a postponement of the debate was an overreach—but then David Letterman skewered him for cancelling. I think he picked up on the seeming desperation and that's going to resonate with voters, many of whom probably watch Letterman.
So what's left for McCain to do at this point? Congress is thankfully looking deliberative about the bailout and he's pledged to not campaign until a deal is brokered and the economy is "fixed." Back down and resume the campaign? Not show up to the debate? Hide? Run Palin in his stead? Each of those seems like blinking.
[UPDATE: Obama took the bait! Democrats should underestimate McCain to their peril. You don't spend nearly 30 years in Congress and rise above many scandals without being competent at politics.]