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I think the question of who won is relative to which party you are in. However, the end result is that it was a net loss for the McCain campaign.
Palin showed that she can act tough. She didn't stumble at all and she said the things that a hard right-winger wants to hear. If your concerns were that she cracks under pressure then you should be relieved.
What she didn't do was answer the questions and show the world that she has substantial understanding of the issues. If there was a question that she didn't like, she started talking about energy and taxes.
As for Biden, I think he demonstrated that he has an exceptional understanding of the issues. However, this should come as no surprise to anyone. He seemed imprersonal at first and started to say things that could connect him to voters towards the end.
All in all, both sides appealed to their base but neither side did much (if anything) to appeal to an undecided voter. If this was a close race, that would be fine for both parties but McCain is quickly losing the race. Voting has begun (I got my early ballot yesterday) and they need big wins to move things back their way.
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