Should John McCain still be a candidate since he isn't a natural born citizen like the constitution says?

Although it is a lame source, I read a blurb about John McCain on Perezhilton.com a few moments ago. Apperantly McCain is not a natural born citizen as is required to be a presidental candidate in the US. He was born to two Americans, but in the Panama C area. There was a law ped in 1937 after he was born declaring him a US citizen, but not a natural born one. What weight do you think this technicality holds? I feel like if it were a different candidate then it would be WAY more of an issue. The Senate ped a resloution in APril allowing him to run, saying that the writers of the constitution writers would have wanted a person whos parents were serving on non-us soil; to have a chance to run. That sounds like a load of crap to me. Honestly although it was written super long ago, that is OUR nations constitution; we follow ever other thing written in it, why should this be different? Isn't this setting the presidece for other non-natural born people to run in the US?