If you scored this one like a prize fight, I think McCain wins a split decision. He kept Obama on the defensive with constant mis-characterizations and other deceptive "tactics" (the foray into what is a tactic vs. what is a strategy was a weird, pointless tangent). Though Obama defended himself well, he delivered only glancing blows to McCain. The dueling dead-soldier bracelet match-up was pretty silly, I can just see them coming out next time festooned in bracelets, ribbons, and other memorabilia.
McCain was surprisingly lucid (must have been one of his good days), drawing on history and personal experience abroad, sounding stronger on foreign policy. Obama's counter that McCain's poor judgment in leading us into Iraq and away from Afghanistan was good, though delivered without requisite rhetorical punch.
But this was just round 1; I think Obama will be better served by the domestic topics, relating more of his own personal experiences, having more focused attacks, and putting McCain back on the defensive.
I noticed that McCain had a couple of grammatical slip-ups, though I'm sure nobody cares. And, BTW, why does he pronounce Washington "Warshington"? I didn't think that was an East-coast thing, and it's certainly not an Arizona thing.
McCain certainly dedicated himself to cutting government spending, while Obama seemed to claim it as an ideal, the specifics he mentioned would increase spending. Still, given the history of Republicans who pay lip service to fiscal conservatism, but making massive increases in federal spending when in office, we should be highly skeptical.
I was pleased that they both supported reviving the nuclear power industry as a component of alternative and green energies, though again, McCain seemed more committed to making it happen.
Obama's biggest points of the night came early on, during the economic discussion, skillfully laying out his tax plan and disparaging McCain's. And why, given all the flux, couldn't they have switched the topic to the economy?