I don't think debates between candidates are essential to the election process. They might have been so in a less technologically developed environment, but if the aim of each candidate is to convince as many voters as possible to vote for him, there is absolutely nothing that says that a debate is the best way for any particular candidate to accomplish that goal.
Televised debates are just beauty contests where the image projected is more important than the ideas exchanged. If one candidate has a natural advantage in that area, it's foolish for the other to allow him that advantage.
If a lot of people react positively to the appearance of an old white guy and negatively to the appearance of a young black guy, I'd avoid the debate if I were Obama. He's gonna deliver his message the way it works for HIM, not the way it works best for McSame.