Since no one mentioned it at all (that I've seen), I figured I'd toss out my observations so far. Realize that I'm not exactly glued to the screen or anything, but have been watching the major speeches, so that's what I'll talk about most.
Bush's speech. Decent. I think he got the right mix of dealing with Gustav and supporting McCain without getting too close. The Hurricane actually helped because it gave him a way to give a speech remotely to the convention without having to actually appear. Helps to break the whole "this is a Bush third term" argument IMO.
Thompson's speech. Brilliant. The man can talk when he puts his mind to it. He did an excellent job of "introducing" McCain. He perfectly contrasted McCain and Obama. He perfectly deflected the "being a POW doesn't qualify you for president" by turning it into a character issue. He put an explanation point on it with his statement that we'd never have to ask who McCain is and if we can trust him with the presidency. Overall, I thought his was by far the strongest speech and was perfect to get the base going for the convention.
Lieberman's speech. Historic. Really. People say this about Obama's speeches on occasion, but this one was in a way that nothing Obama has said is. This isn't some moderate who's switched sides. Lieberman is no less liberal today than he was 8 years ago when he was the VP choice for the Dem party. For him to give a speech like this at the Republican convention today is monumental, and should indicate to what degree the far left's antagonistic ideology has infected his own party. There's just no way to discount the power of a man with his history and political positions telling independents and democrats to vote for McCain instead of Obama.
Additionally, I think the theme of the convention was (is) brilliant. They've recognized that the Republican brand is at a low point, so the focus is not about the party, but about the country as a whole. When you vote for McCain, it's not about voting for a Republican, but the guy who's best for the whole country. It's a very smart move IMO. At least on this first night, the theme of "Country First" was well handled and seemed to be well received. I saw a lot more excitement than I expected to.
Overall, I think the tone and theme of the convention is very well aimed at blunting the prime arguments and rhetoric of the Obama camp. The approach seems to be that rhetoric is all Obama has, so if you can blunt that, the voters will be forced to choose on their merits and capabilities, and in that comparison McCain stomps him. I think it's the right approach. Honestly, it all hinges on how Palin does tonight. From the one speech I've seen her give so far, she's certainly capable of knocking this one out of the park...