I generally like to wait a few days before doing an complete analysis but one thing that immediately comes to mind is that while they are still counting some West Coast votes when they are all counted about 13 million people who voted in 2008 stayed home in 2012. Right now Obama has about a million vote less in his winning effort than John McCain had in a losing effort in 2008. With about 15% of California about still coming in that will close but all in all the tale of this election is going to be turnout.
Watch for things to go South for Obama very quickly. Too many things were pushed into 2013 and this electorate is resigned, not enthusiastic.
One thing that is funny is the some of the same people who pushed Romney on us have already been opining Romney was too conservative! Really. Then where did those 3,000,000 voters who turned out for McCain/Palin go to.
Right now total popular vote is 116.5 million They are still counting Washington State, Oregon, Idaho, California plus scattered results elsewhere but numbers are way down from the 131 million popular votes cast in 2008, When they are done Obama will probably have a few more votes than McCain in 2008.
My take is this. Negative ads greatly reduced turnout. Romney also made two key mistakes. He shouldn't have left negative ads go unanswered in swing states and he should have bought that 1/2 hour infomercial like Obama did in 2008 to make a closing positive case for himself.
Make a liberal mad today, Remind them Obama fell about 2 million short of Bush's 2004 total.