First Read acknowledges that the 2012 election might not be as exciting as 2008. But that doesn't make it any less important:
[The election] could decide the future of the U.S. safety net and the basic role of government (a GOP win would make passage of Paul Ryan's budget plan much more realistic). It will determine what happens to the Bush tax cuts (an Obama win would probably end the tax cuts for the wealthy, while a Republican win would probably extend them). It could decide the fate of the health-care law (though the Supreme Court could do that next year). And it could very well determine the direction of the U.S. Supreme Court (the winner could potentially fill two or three SCOTUS vacancies). All presidential elections have plenty at stake, but this one could have more than many realize right now.