Fun fact: the actual Socialist candidate for President said that Obama wasn't socialist. Obama does not advocate nationalizing the banks, he merely advocates regulating the markets. There is a very, very large difference.
Considering I am part of those 95% who would get a tax cut under Obama's plan, I am extremely supportive of Obama. I am also extremely supportive of reform for No Child Left Behind, which desperately needs it.
It's important to know that Obama also only mandates health care for children. It is not universal health care.
And one cannot deny from a purely economic standpoint that getting out of Iraq will decrease spending multiple billions of dollars. Whether that is good politically for Iraq is something that I go back and forth on.
So, as with any president, there will be good points and there will be bad points with Obama. McCain would have made a pretty good president, but one of the things with Obama is that he seems to be very intelligent--in my opinion, at least. I think he will pick advisors who are not afraid to tell him that he is wrong. He just appears more open-minded, in my opinion.
Regardless, everyone can agree that it is a historic moment that the country has elected an African-American to the highest office in the land. (And it really isn't the end of the world)