I probably share every criticism NR has ever made of John McCain. Heck, I criticized him on NRO just a few days ago. Having said that, three quick thoughts on his dinner presentation last night:

1. If wasteful spending continues to grow as a major internecine issue among Republicans, McCain is exceptionally well positioned to make inroads with conservatives. Rich made this point briefly yesterday, and McCain demonstrated why it’s true last night. Say what you will about the guy, but he’s always been good on corporate welfare and “pork.” Last night, he talked about delaying or even repealing the prescription drug bill. I hate to say Katrina has “benefitted” anybody, but there’s no doubt that its aftermath has the potential to boost McCain’s 2008 prospects more than any other figure in the GOP field.

2. McCain is solid on foreign policy. He’s well versed on the problems and opportunities we face around the world, and he understands what’s at stake in Iraq. He was especially chagrined last night about the fact that the American press has not reported on the successful elections in Afghanistan–a bit of good news that deserves a wider audience.

3. McCain is way, way more impressive than the guy who is often considered his senatorial understudy, Chuck Hagel. I’ve seen them both from afar and up close. What they have in common is an experience in Vietnam and a willingness to break ranks with the party leadership. But McCain speaks with a depth of knowledge and conviction on issues that I’ve never detected in Hagel.