Overall, while i think Obama would e a better choice, i think a competent (Cos incompetent US presidents make life difficult for many more) republican administration under McCain would have been much better. Primarliy because of the Foregin policy and Outsourcing policy of the democrats. While Obama is explicitly anti outsourcing which should have an adverse effect (marginal but anyway adverse) on the Indian services industry. Also, in terms of foreign policy- Democrats tend to restrict themshelves and thus they will soon start making non proliferation noises, will want to deal china independently (thus no props for India to counter China) and the vague feeling that i get is that the foregn policy of Obama vis a vis India will be Pakistan Centric rather than China centric. So all in all, i am not very optimistic about Indo-US relations given the Indian bureacrats to be overly sensitive about insults and not trying to find out work arounds.
The only saving grace is that the better PR of Obama admin will once again empower the americans to do something good in the neighbourhood which is needed.