US Election: Is it just a big stand-up comedy marathon?

In the last couple of days I've been watching CNN quite a bit, and the impression I get is that all these rallies held by the candidates are just stand-up comedy performances held to mock the opponents, whomever they might be at any given moment:

• Obama mocking H. Clinton (but not any more, as they are now United for Change)
• Joe Biden mocking Obama (later switching to McCain as the punchbag)
  
• McCain mocking Obama using clips of Biden mocking Obama... and so on.

Based on this one could think the race is about finding the new host for The Daily Show, and not a president who would have to fill some big shoes.