McCain should resign. Wouldn't it be nice to be able to see his wife (or preferably, daughter) get sworn in?
If he is still alive come 2020 (unlikely,) he should resign so that the seat will be on the ballot in 2020. That way, republicans will be more likely to hold it and will have an incumbent come 2022; holding an open seat in the 2022 midterms would be very difficult, as 2022 will more likely than not be blue-favored as Trump will, more likely than not, be re-elected.
We can't afford to lose another senate seat. I'm glad McCain made it past the special election deadline because if he didn't, chances are we'd be losing both Arizona senate seats at once, and our senate majority would be in real danger.