My take: the Pub powers that be know they're going to lose big in November. The real story of the Pub nomination this cycle is just how badly the Pub PTB are losing control of their base, and indeed their 'extended' base too.
The Pub PTB may still have enough juice left to sway this. If so, the nominee will be McCain. If they don't it'll be Huckabee.
With either one they lose, and I'd guess they know it. But by putting forward McCain they retain the facade of a 'responsible national party'. If Huckabee gets it the Pubs are shattered for the forseeable future and they know it.
How long do we have to put up with this whack-a-mole stuff?
-crazy allegation surfaces
-pundits use it to prove, well, whatever they want it to
-world goes aha, those crazy bloggers/Dems/whatever
-we chase it down and show it's bullshit
-world has moved on and ignores us
I feel like we're all Bill Murray in Groundhog Day.