In a story on The Hill (tip of the hat to electoral-vote.com), the McCain campaign has essentially admitted that Barack Obama was right in his rationale to opt out of public financing.
Obama, as you recall, said that the system was broken and the Republicans masters at gaming the broken system. McCain campaign chairman Rick Davis confirms that fact:
In a memo that accompanied Davis's conference call with reporters, Davis wrote that "the McCain campaign currently has more resources than the Obama campaign for the battle ahead."
[...]
Davis said that the public funding — combined with the estimated $110 million the RNC will have "reserved" for ground operations and the State Victory Committees’ $7 million — will leave McCain with about $212 million to spend after the Republican convention, which wraps up in early September.
So by his own campaign's claims, McCain's spending limit is not the $84 million he will receive in public financing; the money that the RNC will pour into the campaign counts as McCain's, too. There couldn't be a clearer illustration of exactly what Obama was talking about, and the reason why he felt compelled to opt out of public financing.