No, I don't think he is, even though he has just endorsed Bush's surge.
I thought that McCain's support of Bush's policy in Iraq might actually be fatal to his presidential bid. He can't do any more damage there... BUT he can try to turn it into a strength. One of Hilary's big problems is her previous support for the war. She could stand by her vote to keep from looking like Kerry, but it's not clear how profitable that will make her with her party.
It's different with McCain. Standing firm on the war for him might just strengthen his base enough to win him the Republican primaries.
Some might be surprised to know that I have never been sure what to make of this surge. I don't trust Bush's foreign policy or military judgment any further than I can throw him. But I'm not sure that setting timetables for withdrawal is the right tactic either.
Long and short--I think McCain would be an infinitely better president than Bush. I don't think he would have gone to war with Iraq, if he had been in the hot seat at the time. And I think that regardless of what he might feel he has to say at this point of the game.