Two quick thoughts. First, the networks aren't carrying squadoosh. So most people's impressions of the convention will be heavily filtered for most of the week, and crystallized by the President's speech. For many, their entire impression will be formed Thursday night. This is almost certainly good for the President.
Secondly, it doesn't look like any Kerry bombshells at the American Legion. Bill Clinton claimed that there had been too much discussion about the ad's politics and not enough about the facts. In typical Clintonian fashion, he then picked up on and repeated the lie that "all" the men who served on Kerry's boat supported him, and that none of his medals is in question. It looks as though Kerry proposes to fight it out along these lines if it takes all Fall.