Stewart begins the clip with a $300K+ Cindy McCain outfit that would make the Cash Money Millionaires blush. Then he points out the errant stagecraft (Walter Reid Middle school, Lindsey Graham extolling victory with a cemetery backdrop, etc), impales Palin for her 27 million dollars earmark panhandle and exposes the hypocrisy of Veterans mocking Kerry's Vietnam service at one RNC convention, while soaking up McCain's POW-ness at another.
But the best part is at 4:20 (coincidence) into the clip. In this segment, Daily Show probably takes the cake for Bush/McCain cloned footage montage. As LincolnDuncan noted in the comments, this is as ad-worthy as it gets.
The video (4:20 in):
Unfortunately, the clip is edited so cleverly that a transcript is impossible to draft. My sincere apologies for the video impaired.