Firedoglake has released an articulate, concise and well-reasoned complaint to the FEC regarding McCain's shenanigans with having his public funding and eating it too. It's definitely worth a read and probably worth your support.
And like the more exhaustive complaint filed by the DNC on this matter, I hope it fails. In fact, I think it's very important that McCain be given a free-ride by the FEC to break the very finance laws he himself helped write.
Why? Because winning this FEC thing isn't the haymaker it appears to be. Presuming Obama is the nominee, a win here actually cedes ground he can hold for the primary and possibly equalizes Obama's biggest advantage over McCain: Fundraising.
The problem is this: McCain's public financing quagmire is simply too complex for the public-at-large to understand fully and the media wouldn't even bother to try anyhow. That means this battle isn't really about courts and commissions, it's about spin.
Should McCain take a beating here, it'll cost him money. That's gonna hurt him, yes. But it's not a knockout blow because it gives his campaign incredible leverage to paint Obama's campaign as attempting to stack the deck in his favor.
It doesn't matter that not one word of their claim is true. The "Obama is stacking the deck" talking point will be repeated over and over by every blowhard and freeper until November. Any attempt by the Obama camp to point out that McCain acted illegally will come off as kicking a guy when he's down, which people expect of every politician except Obama.
Repeated enough, Obama's fundraising will begin to take a hit as people feel less comfortable furthering what they hear is an already unfair advantage. McCain, on the other hand, will see increases in fundraising (as will his 527s) when his supporters start getting letters like this:
"Don't let Barack Obama steal this election!
"John McCain has spent his career as a champion for fair elections, creating FEC regulations that guarantee a level playing field. Now Barack Obama has shamelessly used a technicality in those regulations to give himself a hundred-million dollar advantage. 
"This is the same sort of snake-oil lawyering he used in Florida and Michigan to block the revotes that would have sunk his campaign. 
"Obama's 'Politics of Hope' are really the politics of a stacked deck. If this is how he runs his campaign, how will he run his presidency? That's why we need your support to show America that John McCain is the man to yadda, yadda, yadda...."
See? Nothing brings in cash like an underdog fighting a well-funded machine. McCain and company will use Florida and Michigan (regardless of how that situation is resolved) along with an FEC smackdown to pretend like Obama's campaign is some evil Nixonian bulldozer. Yes, it's all a lie and yes, Barack Obama and his campaign has literally nothing to do with anything they'd be accused of. None of that matters in the spin room.
And what would Obama get? A victory the public doesn't understand and a brief widening in the money gap between their two campaigns. The money is a hollow victory, McCain will surely make it up in free press coverage and the types of fund-raising letters I just mentioned. Worse still, it's a completely unnecessary victory because both Barack Obama and Hillary Clinton are already winning the money game. In fact, they're trouncing McCain as it is. The last thing on earth we should want to do is upset that dynamic.
But imagine it swings the other way: The FEC drags their feet or simply dismisses the complaints with a sternly worded letter. Yeah, Obama will then have a smaller initial lead monetarily, but that lead will still be huge, and it will get even larger as his campaign and the DNC start sending out this letter:
"Don't let John McCain steal this election!
"John McCain has a well-known reputation as a maverick. But now we see that 'maverick' is just a nice way of saying he has the same sneering disdain for the rule of law as President Bush and Karl Rove do.
"John McCain shamelessly broke the very FEC laws he himself helped write, and the Bush-appointed FEC let him get away with it! 
"This is what we're up against and this is why Barack Obama desperately needs your support. Together, we can show McCain and Bush that no matter how many laws they break, how much power they try to grab and how little they respect the democratic process, America is ready for change."
I like this fund-raising message a lot better. Not only is it in support of my guy, it's also actually true.
This FEC thing has legs, and it's something we've got to use to our advantage (if for no other reason than the irony of it all). But using it to our advantage means making sure we win the spin battle, even if it means bunting on the regulatory aspect.
[ed: This one is the readable one. Sorry for the double post, TPM's blogging tools are a bit touchy.]