Stop the presses! This election isn't about the Clintons after all. It isn't about the Acropolis columns erected at Invesco Field. It isn't about who is Paris Hilton and who is Hanoi Hilton. (Though it may yet be about who is Sarah Palin.) After a weeklong orgy of inane manufactured melodrama labeled 'convention coverage' on television, Barack Obama descended in classic deus ex machina fashion - yes, that's Greek too - to set the record straight. America is in too much trouble, he said, to indulge in 'a big election about small things.'

    As has been universally noted, Obama did what he had to do in his acceptance speech. He scrapped the messianic 'Change We Can Believe In' for the more concrete policy litany of 'The Change We Need.' He bared his glinting Chicago pol's teeth to John McCain. Obama's still a skinny guy, but the gladiatorial arena and his eagerness to stand up to bullies (foreign and Republican) made him a plausible Denver Bronco. All week long a media chorus had fretted whether he could pull off a potentially vainglorious stunt before 80,000 screaming fans. Well, yes he can, and so he did.

    But was this a surprise? Hardly. No major Obama speech - each breathlessly hyped in advance as do-or-die and as the 'the most important of his career' - has been a disaster; most have been triples or home runs, if not grand slams. What is most surprising is how astonished the press still is at each Groundhog Day's replay of the identical outcome. Indeed, the disconnect between the reality of this campaign and how it is perceived and presented by the mainstream media is now a major part of the year's story. The press dysfunction is itself a window into the unstable dynamics of Election 2008.

    At the Democratic convention, as during primary season, almost every oversold plotline was wrong. Those Hillary dead-enders - played on TV by a fringe posse of women roaming Denver in search of camera time - would re-enact Chicago 1968. With Hillary's tacit approval, the roll call would devolve into a classic Democratic civil war. Sulky Bill would wreak havoc once center stage.

    On TV, each of these hot-air balloons was inflated nonstop right up to the moment they were punctured by reality, at which point the assembled bloviators once more expressed shock, shock at the unexpected denouement. They hadn't been so surprised since they discovered that Obama was not too black to get white votes, not too white to win black votes, and not too inexperienced to thwart the inevitable triumph of the incomparably well-organized and well-financed Clinton machine.

    Meanwhile, the candidate known as 'No Drama Obama' because of his personal cool was stealthily hatching a drama of his own. As the various commentators pronounced the convention flat last week - too few McCain attacks on opening night, too 'minimalist' a Hillary endorsement on Tuesday, and so forth - Obama held his cards to his chest backstage and built slowly, step by step, to his Thursday night climax. The dramatic arc was as meticulously calibrated as every Obama political strategy.

    His campaign, unlike TV's fantasists, knew the simple truth. The New York Times/CBS News poll conducted on the eve of the convention found that the Democrats were no more divided than the G.O.P: In both parties, 79 percent of voters supported their respective nominees. The simultaneous Wall Street Journal/NBC News poll also found that 79 percent of Democrats support Obama - which, as Amy Walter of National Journal alone noticed, is slightly higher than either John Kerry and Al Gore fared on that same question (77 percent) in that same poll just before their conventions.

    But empirical evidence can't compete with a favorite golden oldie like the Clinton soap opera. So when Hillary Clinton said a month ago that her delegates needed a 'catharsis,' surely she had to be laying the groundwork for convention mischief. But it was never in either Clinton's interest to sabotage Obama. Hillary Clinton's Tuesday speech, arguably the best of her career, was as much about her own desire to reconcile with the alienated Obama Democrats she might need someday as it was about releasing her supporters to Obama. The Clintons never do stop thinking about tomorrow.

    The latest good luck for the Democrats is that the McCain campaign was just as bamboozled as the press by the false Hillary narrative. McCain was obviously itching to choose his pal Joe Lieberman as his running mate. A onetime Democrat who breaks with the G.O.P. by supporting abortion rights might have rebooted his lost maverick cred more forcefully than Palin, who is cracking this particular glass ceiling nearly a quarter-century after the Democrats got there first. Lieberman might have even been of some use in roiling the Obama-Hillary-Bill juggernaut that will now storm through South Florida.

    The main reason McCain knuckled under to the religious right by picking Palin is that he actually believes there's a large army of embittered Hillary loyalists who will vote for a hard-line conservative simply because she's a woman. That's what happens when you listen to the TV news echo chamber. Not only is the whole premise ludicrous, but it is every bit as sexist as the crude joke McCain notoriously told about Janet Reno, Hillary and Chelsea Clinton.

    Given the press's track record so far, there's no reason to believe that the bogus scenarios will stop now. The question of why this keeps happening is not easily answered. Ideological bias, unshakeable Clinton addiction and lingering McCain affection may not account for all or even most of it. Journalists are still Americans - even if much of our audience doubts that - and in this time of grave uncertainty about our nation's future we may simply be as discombobulated as everyone else.

     We, too, are made anxious and fearful by hard economic times and the prospect of wrenching change. YouTube, the medium that has transformed our culture and politics, didn't exist four years ago. Four years from now, it's entirely possible that some, even many, of the newspapers and magazines covering this campaign won't exist in their current form, if they exist at all. The Big Three network evening newscasts, and network news divisions as we now know them, may also be extinct by then.

    It is a telling sign that CBS News didn't invest in the usual sky box for its anchor, Katie Couric, in Denver. It is equally telling that CNN consistently beat ABC and CBS in last week's Nielsen ratings, and NBC as well by week's end. But now that media are being transformed at a speed comparable to the ever-doubling power of microchips, cable's ascendancy could also be as short-lived as, say, the reign of AOL. Andrew Rasiej, the founder of Personal Democracy Forum, which monitors the intersection of politics and technology, points out that when networks judge their success by who got the biggest share of the television audience, 'they are still counting horses while the world has moved on to counting locomotives.' The Web, in its infinite iterations, is eroding all 20th-century media.

    The Obama campaign has long been on board those digital locomotives. Its ability to tell its story under the radar of the mainstream press in part accounts for why the Obama surge has been so often underestimated. Even now we're uncertain of its size. The extraordinary TV viewership for Obama on Thursday night, larger than the Olympics opening ceremony, this year's Oscars or any 'American Idol' finale, may only be a count of the horses. The Obama campaign's full reach online - for viewers as well as fund-raising and organizational networking - remains unknown.

    None of this, any more than the success of Obama's acceptance speech, guarantees a Democratic victory. But what it does ensure is that all bets are off when it comes to predicting this race's outcome. Despite our repeated attempts to see this election through the prism of those of recent and not-so-recent memory, it keeps defying the templates. Last week's convention couldn't be turned into a replay of the 1960s no matter how hard the press tried to sell the die-hard Hillary supporters as reincarnations of past rebel factions, from the Dixiecrats to the antiwar left. Far from being a descendant of 1968, the 2008 Democratic gathering was the first in memory that actually kept promptly to its schedule and avoided ludicrous P.C. pandering to every constituency.

    Nor were we back at Aug. 28, 1963. As a 14-year-old in Washington, I was there on the Mall, taken by my mother, a tireless teacher, with the hope that I might learn something. At a time when the nation's capital, with its large black population, was still a year away from casting its first votes for president, who would have imagined that a black man might someday have a serious chance of being elected president? Not me.

    But even as we stop, take a deep breath and savor this remarkable moment in our history, we cannot linger. This is quite another time. After the catastrophic Bush presidency, the troubles that afflict us on nearly every front almost make you nostalgic for the day when America's gravest problems could still be seen in blacks and whites.

    As Obama said, this is a big election. We will only begin to confront the magnitude of our choice when and if we stop being distracted by small, let alone utterly fictitious, things.