It seems much more like 1976 than 1988. An accomplished and widely respected Republican candidate running against a 'moderate' outsider in a time of national malaise. Of course McCain isn't an incumbent and Obama in addition to being black is considerably less experienced than Carter was.
I would not use either the words accomplished or widely respected to describe Ford in 1976. Quite the opposite actually.
Well, accomplished and respected prior to becoming President. After he pardoned Nixon he was of course a pariah, and Congress blocked a lot of his proposals. In any case it seems like the 'best' parallel I can think of. This election really is pretty unique.