My verdict may be a severe one but I think a lot of people -- a lot of former admirers -- are coming around to agreeing with the general outlines. McCain has revealed himself as a liar well outside the permissive standards applied to politicians. He's shown himself to be reckless to the point of instability, repeatedly putting the country at risk (exploiting the Georgia crisis, picking Palin, storming the bailout negotiations) for transparently self-serving reasons. And in too many ways to count, he's conducted his campaign in disgraceful and dishonorable ways.
If there has been one moment of the campaign that demonstrates this the most clearly (if only symbolically) it's the video of McCain getting makeup while Katie Couric looks on while David Letterman needles him for lying to him. In that image we see McCain -- however honorable his past service to our country -- for what he is now: a fraud.