As Tom Tomorrow notes, there seems little left to say about the first black President's inauguration the day after Martin Luther King Day, but it seems like a moment that requires some comment.
So, my two cents: an expression I've heard from many of my elders following Obama's election is "I never thought I'd see the day." Me, I'm twenty-six years old. I always thought I'd see the day.
In closing, a video of Pete Seeger and Bruce Springsteen singing This Land on the steps of the Lincoln Memorial (HT: Some Guy with a Website).