The actual McCain slogan is the only slightly less awkward "The American president Americans have been waiting for." In terms of Obama content, the slogan is a clear shot at "We are the ones we've been waiting for". The difference is that McCain put as many "Americans" as theoretically possible in his formulation.
The ad is remarkably derivative. McCain's going to attack Obama's patriotism, so he copies his slogan. McCain also attacks Obama's preparedness using Hillary's "ready on day 1" formulation. This lack of creativity isn't a good sign.
The best part of the clip, though, is footage of a captured McCain giving his rank and serial number. McCain's campaign has labeled the ad "624787" on its YouTube page, so I guess we can expect that number to play a role in his marketing campaign. I imagine bumper stickers reading "624787", slapped on top of old "W"'s. The scene is the ad's saving grace - otherwise, it's pretty weak.