To be honest, I almost feel sorry for the Republicans at this point. They likely had grand plans for the conventions, with entire days devoted to glorifying Republican leadership, and making sure everyone in the USA knows that McCain is a war hero. But he tried to be risky (I don't know what the reason for panic was... was he intimidated by the Democratic Convention?) and go with the game changing pick, but he rushed it, and now the convention is being over shadowed by us "getting to know" Palin, and by Hurricane Gustav.
When you look at the pre-convention polls, McCain was right in this thing. He had no reason to panic. If he had gone with a safe pick, Obama would've had a big convention bounced, which would've been minimized by the RNC, as the election got closer McCain could just keep making himself out to be the safest choice, avoid gaffes, and hope to get the win. I have no clue why McCain made the knee-jerk VP pick he made, but he's paying the price now.