I typically do not engage in exegesis of candidate speeches, but given the reaction to McCain's address from many quarters, I think a dissenting view might be worth hearing. That plus the uniqueness of the speech's substance inclines me to make a more fuller comment than I otherwise would.
On the first viewing of McCain's speech, I was pretty much in line with Tom Bevan's thoughts on it: it was good enough, but far from great.
Read the whole sober analysis. I agree with him. Play the speech again yourself [below.] And you can read Mc Cain's Speech with this link.