McCain could win, but he won't.
The primary turnout shows that Democrats are way more excited about this election than Republicans.
A clear majority of voters are against the Iraq War.
Unlike 2004, where Kerry had to battle upstream, Obama has the wind at his back and McCain doesn't.
Paradoxically enough, that would be precisely the environment that would best serve McCain (at least, according to him) -he thrives as the underdog. And he tends to stumble when everything is lined up perfectly for him.