Which campaign has been most effective so far?

Obama

Built up grassroots fundraising, turned down $84 million in fed money so it could exceed limit
Established as many as 3x more local offices than McCain campaign according to some reports
Held impressive convention, including 84,000 people as Mile High
Holds narrow leads in key swing states
Said the surge succeeded beyond our wildest dreams
...

McCain

Orchestrated Convention so it took place after Democratic convention
Selected a controversial woman VP to generate excitement, improve fundraising, and signal "change"
Mocked Obama's resume and belittled his community service
Keeps pace with Obama in the polls despite economic and foreign policy troubles
Failed to vet their VP, who appears to be linked to many small scandals
...

Hillary/Bill were a big obstacles and Obama didn't get rid of them quick enough before the convention...my guess is that cost Obama 4+ points in the polls