Jim, are we really sure that Obama has such an enormous spending advantage? Team Maverick just collected $84 million, lump-sum, in federal funds, and the RNC has led the DNC in cash on hand all year long. There is a cost to fundraising, and one must deduct from Obama's totals (admittedly astonishing) a certain percentage for the expenses of doing the fundraising, whereas the federal money for McCain is a no-strings-attached windfall.
Having that $84 million now is lots more valuable to the McCain camapign than the Obama campaign's expected revenues for late October. Yes, Team Obama can borrow against anticipated revenue, but there are expenses involved in borrowing, also.
Finally, I am by no means certain that the Obama campaign's allocation of its funds has been efficient. What was the price tag of that foreign trip, which seems to have had zero value-added for the Democrat? And what were the costs of establishing operations in, inter alia, Alaska?