The conventional wisdom is that Barrack Obama should NOT take public financing... but I am going to advocate the other side for a moment.
If McCain and Obama are BOTH matched evenly for campaign funds (they both are publicly financed) then:
(1) More money would be available to downticket races, especially if Obama would make sure that every campaign stop is an Obama event as well as an event for the local Dem candidate. Obama could raise money for the downticket races instead of his own. All of the Republican organizations are having money troubles and the DNC could raise money for Obama if needed. Strengthening the Democratic Party and taking it away from the big donors would be a blessing. If Obama wins and that's very likely, why not concentrate on bringing-in a massively stronger reform legislature as well? THINK FDR!
(2) The DC "Dem" beltway consultants would have to endure a well-deserved famine. Union-busting assholes who take time off to support a 'Dem' candidate can kiss my ass. They have been sucking up millions and the DLC Dems lose anyway, so the survivors would come back hungrier and more focused on what "We, the People..." want over what corporations want at our expense.
There are probably more arguments available... Please discuss.
--Lefty!!!