Good analysis Nerdy. I certainly do agree that Obama has anything but a lock on the nomination or the general election.
But here's a few things about both:
1.) Hillary has enormous negatives against her. It is hard to understand how many people, including many Democrats, simply can not stand her, or the Clintons in general. She has a floor, but she also has a solid ceiling. As I wrote some at the beginning of the campaign, she is like a stock which is moving sideways. Unless she is caught on tape strangling a kitten, her support won't get measurably lower than it is; unless she is shown on tape making the blind see, her support won't get measurably higher. She's tapped out, frozen in place.
I think you far overestimate how "tired" people were of the Republicans and Reagan in '88. Maybe Democrats were, but not independents, Republicans or conservatives. And the big social issues like Welfare, abortion, etc., were much hotter topics then while the Religious Right was still in its heyday.
This time, conservatives, Republicans, and independents who generally lean conservative, are truly disgusted and at odds with the right. Conservatism as a movement is in serious disarray after 7 years of un-conservative Bush (he's a Big Government right-winger, not a conservative), and simple exhaustion (it's had a very good, long run since Reagan). There is a major revolt occuring on the right at the moment and McCain is a very uninspiring candidate. Conservatism was alive and well in '88.
I am describing such registered Republicans such as myself, who now has an Obama sticker on my car. My 75 year old Republican father recently surprised me to say that he'd "be fine with" a Democrat this time around, and would far prefer Obama over Hillary. He said he's ready to vote for Obama over McCain, and like all of us, would rather bathe in urine than vote for the Clintons.
So, who is likely to get those disaffected conservative, independents and Republicans? Obama. Or they'll just stay home during the general and the remaining primaries. But this does not help Hillary in any way.
This really will be the election where independents make the difference, and that benefits Obama.
2.) I will not count out the Clintons until a stake is driven through their heart. They will never stop fighting, no matter how dirty they need to get. They will injure the Democratic Party, fighting all the way into the convention if necessary. They will plant slander about Obama, they will do everything and anything in their power to restore their place in the White House. They will twist every superdelegate's arm, they will backstab, lie, cheat, steal. Whatever method.
3.) Then, if Obama can withstand the Clinton assault, THAT will how Obama would be able to prove his mettle against McCain, and the general challenges of the presidency. McCain is generally not a terribly mean campaigner, and he's terribly lackluster. We all see him as that "honorable guy who's not a crazed idealogue," and that's about it. Any real ugly Rovian type campaign will just backfire with those independents and disaffected conservatives who are going to decide the election. Put McCain next to Obama and you'll hardly know McCain is on the ballot.
To me, the question in the general comes down to: will it be the Clintons or Obama who will annihilate McCain in the general?