I think the intellectual analysis is missing, in some ways, the real significance of Barack's election. Every election ends with a winner, but never have we seen the celebration in the streets like now. It wasn't just Obama winning, it was America winning!
Watching people dance in the streets like the US won the World Cup (to use a world citizen. soccer analogy) reflects much, much more than the victory of a candidate. When Clinton won, or Bush, or Bush, or even Reagan and on back, we never saw this kind of spontaneous and deep celebration.
In each election, there is a winner that is supported (most of the time) by the majority of voters. But these are merely the selection of a winner--one time a Dem, another a Republican. Supporters of the winner are pleased, supporters of the loser disappointed. But Barack's win is very different, exactly because it really isn't so much about Barack, but more about what he and his campaign represent.
This was a real victory for America (and really a victory for the world). The message of unity, tapping into our better selves, the diversity of supporters (what a drastic contrast from the McCain gathering of 100% minus 1 (McCain's adopted daughter) white people in AZ at the Biltmore), the bringing together of a nation across all 50 states, the sense of opportunity for all regardless of race, the repudiation of an administration that has torn apart the best of American values...this wasn't a victory for one man but a victory that represents the better values and beliefs we wish to hold. And in the streets, citizens are patting themselves on the back and celebrating themselves--that we, normal American citizens, could really step up and show what is possible, choosing hope over fear, choosing unity over division. This is what we celebrate today, even on top of the wonder of Obama's victory.
I know some would find Langston Hughes poem Let America be America Again a bit radical at this time, but it expresses well the America I think we hope to be, even if we at times (and maybe always) will fall short. But we are one giant step closer to these ideals of what can truly be an exceptional country, not for our military power or great wealth, but for holding and living values that can truly be a beacon to the world.