The cynic in me thinks that several of the candidates, on both sides, are "running" just to raise money for their other campaigns. They'll simply transfer the money to their Senate or House or Governor's campaigns when it becomes clear that they've milked the cow as much as they can.
McCain is striking me as if he's inherited Bob Dole's karma. "I was the runner-up in 2000, and I've been around for 30+ years, so it's my turn!" McCain's had a reputation, in some circles, of being too malleable (e.g. after the Keating 5 scandal, he had to push the Campaign Finance Reform wagon to gain credibility. Now that that is "done" he can morph into the "true Republican standard-bearer" that the talking-heads say is required to win the nomination.) - I think it's going to bite him this time.
IMO, it's still too early to know who will win. McCain has problems with Iraq, with "conservatives" and now with moderates. Giuliani has lots of baggage and people are questioning his [link|http://blog.washingtonpost.com/earlywarning/2007/04/president_911_inc.html?nav=rss_blog|cashing in on 9/11]. Romney's even more of a chameleon than McCain. Fundraising means little at this point - otherwise Connally and Graham would have been President.
Cheers,
Scott.