A few observations, in no particular order:

I think John McCain won, although not a blowout. 

Obama main foreign policy plan seems to be bombing Pakistan, although he later denied it

Apparently Iraq is the only country we shouldn’t be at war with. Afghanistan, Pakistan, and Russia all need military attention.

McCain used the more proper and respectful “Senator Obama,” Obama usually called McCain “John,” which seemed disrespectful.

Obama repeatedly said that we should not be in Iraq in the first place. Maybe we should, maybe shouldn’t, but the point is moot. What are you going to do going forward?

Obama said he supports missile defense, but he has pledged to cut it.

Both McCain and Obama kept their presentation weaknesses in check, Obama didn’t say “um um um” a lot, and McCain showed no real signs of temper.

 The “I don’t even have a seal yet” line was great.

I didn’t catch it, but several people said that Obama had to read the name off the bracelet.

McCain hit on one of the things he needs to drive home: NO MORE TAXES AT ANY LEVEL, it would cripple the economy.

I liked the format where they could address each other.

Pointing out $932,000,000 in Obama earmarks was a good shot.

Obama talks about the cost of gas, but he wants to raise taxes on oil companies, and criticizes McCain for wanting to cut taxes. Hopefully most people can figure out what is more likely to lead to lower oil prices.

Obama could give no clear answers on what spending he would cut.

Obama: “The problem with a spending freeze is you’re using a hatchet where you need a scalpel.” My response: We don’t need a hatchet or a scalpel. Let me recommend a chain saw.

Yes, we know your father came from Kenya, and that’s where you got your “funny name.” We also know you have a half brother there living in poverty who you can’t be bothered to help.