While Obama has clearly caught up to, and perhaps passed, Clinton in the battle for the nomination, they continue to have complementary strengths and weaknesses. To win in November, Obama is going to have do much much better among the white working class--one can assume that he would get Clinton's female voters just as she would get his African American voters. Clinton, on other hand, looks very shaky among white men. There remains a question, too, whether the young voters and independents who have flocked to Obama's banner would vote for her in the fall.

It'll be interesting to read the transcript of Obama's speech tonight, as the "new majority" rhetoric he was relying on in New Hampshire won't exactly fit the moment. As his movement falters, or at least shows itself insufficient without new entrants, he'll presumably have to retool his appeal in a more concrete manner -- without the enthusiasm of momentum, you can't just welcome Americans into your moment, you have to persuade them to be a part of it.