Option three. McCain really was the best candidate the GOP had. Considering how badly he was ravaged in the campaign, imagine what would have happened to Romney or Huckabee.
That is clearly the case IMO. Mittens was too damaged to profit from the financial collapse even though he was and is good with money matters. The problem is that he is a pathological liar with a tin political ear. I know that sounds harsh, but it is my considered judgment of the man. Huckabee I can't be objective about (I find him clownish and don't agree with him on most issues), but who voted for Obama that would have voted for Huckabee? Does any such person exist?
This is a good summation of how I feel about the two of them. I don't like politicians and their vacillating opinions in general, but Romney does it without compunction.
With Huckabee, I will openly admit that I don't want a member of the clergy as president. I respect ministers that feed the poor and all that, but I want my president to give science a fair shake. In a world where China is led by engineers, I want American researchers to be unshackled as they tackle bioengineering, especially since we never know where science will lead us.
To answer the question, McCain was - by far - the most electable Republican last year. Had Huckabee or Romney led the way, the effect further down the ballot would have been even worse.