Right. September, when the media narrative abruptly changed from "lipstick on a pig" to "HOLY FUCK OUR ECONOMY IS TANKING", was a reminder that reality eventually catches up.
Another thing I've noted is that people don't vote based on abstract concepts, they vote on concrete, immediate things. Republicans have advantages on the visceral front -- terrorists want to kill you, you are paying people on welfare not to work, foreigners are stealing your jobs. Democrats respond to these claims with nuance, and most people don't want nuance, they go with their gut.
But with the economy in the shitter, the worm has turned. The Democrats are the ones who now have the advantage of gut politics: you're losing money, it's the fault of the Republicans, you deserve a tax cut and the richest people in the country don't.
Obama's a master at this -- McCain still polled ahead of him on foreign policy when all was said and done, but his "We need to get out of Iraq and refocus on Afghanistan" was a message most Americans can get behind.
Nuance is absolutely necessary for competent governance, but it's not a good way to win elections.