But I am not at all convinced that, in the end, Obama is actually winning over voters. Above all, the truly undecided are not really paying attention at the moment. They might have been swayed toward Team Obama a little bit, but I doubt they have been locked down. That being said, I do believe that the president has successfully laid the groundwork for his general election strategy, which Greg Sargent ably summarizes here. Basically, it boils down to the idea that, though the state of the union stinks right now, Romney is an uncaring plutocrat who will make it worse for the middle class. These ads have clearly forwarded that agenda.

We should assume that every voter by Election Day will know this argument by heart. However, they will also be able to recite the Romney rejoinder. The positive side of that case will lean heavily on his biography as a businessman, Winter Olympics fixer, and bipartisan governor to argue that he is the right man to repair the economy.

Team Romney, for various reasons, has only begun to make that case, meaning that the real action has yet to begin.