The danger of McCain-Feingold can be seen in a recent FEC ruling against Americans Coming Together, which fined them $775,000 for "express advocacy" against President Bush. I still haven't seen a good distinction for why Americans Coming Together's express advocacy should be treated differently than the New York Times. Of course, with the election over, the group disbanded, and the sum relatively small compared to the assets of its founder and itself, the FEC ruling is essentially just a tax on advocacy.