I dont think McCain is a favorite. If I were lining this based on what I thought (not the action), I would put McCain at like +125.
That is all well and good with Obama. But I think the Obama fervor has started too early and will die down by August or September. People are already starting to become disenchanted with him like every other politician, and he will not continue to draw these massive crowds.
Political theory has proven that between elections, people will go outside of their roots and say that they have switched parties or go with a popular platform or individual, but every time the closer the election comes, the more people switch back to what they voted for last election and there is not nearly as much fluidity as some would have you believe.
Personally, I think a lot of America is still very racist and depending on the VP choices, I think you could see a lot of "shocking results". I don't think America is quite ready for a minority president, I think that Obama will lose two of the big three in OH, PA, and FL and that will do him in