I don’t understand the OP. The “three-way race” lasts only until the Democrats nominate their one presidential candidate. After that it’s going to be either McCain vs. Clinton (McCain wins) or McCain vs. Obama (Obama might win).
Regarding ZK‘s comment: being elected president is all, or mostly, about charisma. Whoever gets to the White House will have armies of highly talented speech-writers and expert advisors in all sort of areas. The president is a figurehead who is there to lead by inspiring and motivating. Of course, it’s true that the wrong kind of advisors (like Rumsfeld, Cheney, Rove) may be chosen by the president, but that is a post-election and post-inauguration issue.
To get back to my original point: H. Clinton lacks charisma. She’s bright and experienced, and the only issue of substance against her is that she appears to be politically to the left of her husband. But issues of substance are, for the most part, secondary in a presidential election: It’s charisma that matters, and she has little of it.
Even though she’s bright and experienced, she would never had made it this far in a presidential nomination without her First Lady experience. Why? Because she’s uncharismatic.
McCain and Obama, on the other hand, are extremely charismatic. I hope the Democrats see this and nominate Obama unless they want another eight years outside of the White House.