last night on a "well-fought" campaign. From the moment he jumped into the presidential race at a New Hampshire farm in June 2011, he seemed to be destined to be this year's Republican standard-bearer. But it wasn't easy: He first had to fend of challenges from a slew of insurgents within his own party with names like Gingrich, Perry and Santorum. After dispatching with them, months of general election combat with the president awaited. Romney started behind, but made up ground on questions of trust to handle the economy, empathy and enthusiasm. But it wasn't until late in the game -- too late, as we learned last night -- that GOP voters started to come around to Romney for who he was rather than who he wasn't. ABC's RICK KLEIN: Demography and strategy converged in near-perfect fashion for President Obama, the Democratic Party's reliable base uniting with a new face of America -- helped along by an avalanche of well-timed attacks. That magic formula allowed a president with significant weaknesses to power past them, while shattering the Republican way of winning elections, probably for a long time. It's a toolbox, though, that isn't available to Obama again -- it wins races, but it doesn't help in governing, at least not yet. That's where the president can display what he spoke of as he started his next four years -- that he has learned, that he can govern in a way that begins to deliver on his promise. ABC's MATTHEW DOWD: