McCain only hope, and current strategy, is the Us. vs. Them strategy -- raise doubts about Obama's patriotism and attempt to persuade independent voters that Obama is a threat to the country. In part, this strategy will try to build on doubts some have because of Obama's race.
But because of the current economic crisis McCain will likely lose the election (mostly because he is a Republi-con), and in the end McCain will lose his honor.