According to the Washington Post and Talking Points Memo, McCain is going to have a diffictult time opting out of public financing because 1) the Commission does not have quorum to grant his opt-out and 2) he took out a loan that jeopardizes his ability to opt-out.  They also note that he has spent quite a large portion of the maximum public financing for the general election, ALREADY.  So, what happens?

 First, he asks Obama to join him in public financing even though Obama can pull in many millions more than him in private funds, knowing full well that any rational candidate would opt for taking the highest probability route to the Presidency.  

 Second, he notifies – not asks – the FEC that he has opted out of public financing even though he has committed to it already. 

Those thinking Obama should take public financing just because he and McCain talked abut it before the primaries should reconsider in light of McCain's actions.  Basically, McCain now just appears to be using his current conundrum to attack Obama.  The legitimacy of his offer with Obama to take public financing for the general election is all but gone.