Barak Obama's campaign did a great job of building up hype for the VP pick. Between the text message thing and making the world wait until Saturday morning, he had pundits everywhere on the edge of their seats.
The actual announcement was a bit anti-climactic. If you were looking forward to some bold new agent of change, I don't think Joe Biden was what you had in mind. It's a "do no harm" pick, that is, if he can hold his tongue for a couple of months.
From McCain's standpoint, Biden kind of neutralizes the whole cranky old man thing. McCain can get ornery sometimes, but Biden is just plain mean toward folks that don't see things his way, especially the "little people".
It is an interesting development that the biggest headliners at the convention, other than Barak, will be Hillary, Bill and now Joe, all three of whom have said that Obama is not qualified to be president, one of whom even called it a fairy tale. Now all three are eager guests in his church. Add that to the fact that Jesse Jackson actually had to apologize to Barak for a racial slur and you can see how the tables have turned on the established leadership. However, it's not really a "throw the bums out" dynamic. The old guard isn't going anywhere. They just have a new leader.