I'm not really rooting for McCain or Obama; I think either of them is equally capable of presiding over some awful developments in federal policy. As I've said before, it's true that McCain sounds more likely to bomb Iran, but by the same token, he will be under less pressure to prove what a tough guy he is, and also, he is probably more likely to grasp whether something really would be infeasible from a purely military point of view. I.e. I think Obama wouldn't want to bomb Iran because of the dead babies, whereas McCain might think, "Nah, we're too bogged down right now. Putin would have an even freer hand if we opened up another front in the Middle East."
So, since I am not going to get all worked up hoping for one or the other, what I will say is that I hope one of them wins decisively. At this point, of course, that means I hope Obama really wins. (But if there is a late October surprise, the polls could swing in a matter of days.)
What would be absolutely terrible is if the election is razor-thin, and then Republicans bring a bunch of lawsuits claiming voter fraud, or that Obama isn't a US citizen, etc. I realize that some hardcore libertarians would say, "No, that will be great! Maybe the American sheeple will wake up and realize they don't pick their leaders."
But it could also mean that the people "get used to" the fact that sometimes elections need to be postponed indefinitely, blah blah blah. E.g. what if Bush tries to stay in office for another 6 months until the courts can figure out who the next president is? I realize that sounds inconceivable right now, but what exactly would happen if he did it? Remember, in the scenario I've painted, 40% of the country is going to be dead certain that Obama won, while another 40% will be dead certain McCain is the true president. So long as Bush prattles off how the review process will be fair blah blah, I think most people will sit and home and b*tch about how screwed up the country is, rather than start rioting. Keep in mind that Obama himself could go on national TV, urging his supporters to be patient and let democracy play out.
Like I said, even I don't really think the above is plausible, but then again, if you had described all of the Paulson BS 6 months ago--especially the part about the American public vocally opposing it 9-to-1 or more--I would have laughed at you.