4 October 2012 Last updated at 17:36 ET

Article written by Mark Mardell North America editor

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Mitt Romney won the debate. Does it matter?

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The Obama team wants to pass off Mitt Romney's win as one of style over substance

The first trial is over and the jury's verdict is clear. But the judge's sentence is not.

Conservatives continually accuse the main American media outlets (Fox News excepted) of being in President Obama's corner.

But there was a rare agreement over last night's debate: Mitt was a hit.

What we don't yet know is what the American people make of that verdict and whether it shifts any votes, or enough to matter.

'Devoid of honesty'

The Obama team aren't trying to pretend their man had the best of it. They are claiming only a victory of substance over style. Their tactic is to dismiss the debate as so much theatre.

Campaign strategist David Axelrod said Mr Romney "may win the Oscar for his performance, but he won't win the presidency for his performance". He added the act "was devoid of honesty".

He said the campaign would take a long hard look at last evening before the next debate in New York, in two weeks time, and make judgements about "where we draw our lines and how we use our time".

It sounds as it they are considering challenging Mr Romney a lot more.

The president himself told an audience in Denver: "When I got onto the stage, I met this very spirited fellow who claimed to be Mitt Romney."

"But it couldn't have been Mitt Romney because the real Mitt Romney has been running around the country for the last year promising $5 trillion in tax cuts that favour the wealthy. The fellow onstage last night said he didn't know anything about that."

The tactic is clearly to dismiss Mr Romney as an actor playing a part, in a briefly successful role, whose performance is a fiction.

Moving the undecideds

It might work. But the debates could work in persuading the very people Mr Romney needs to convert. The debates are, of course, performance, but body language, tone and style can matter.

The bottom line was that Mr Romney seemed not only more animated, but more motivated; Mr Obama seemed lacklustre, unexcited, even a bit bored.

Now, most people know how they are going to vote, and they aren't going to change because of those sort of vague judgements. But imagine you are undecided, you don't care much about ideology, but want someone who looks like a vigorous, motivated leader.

Mr Romney on the stump, in the adverts, hardly fits the bill. Last night's incarnation was much more convincing.

The next opinion polls will be important and will tell us whether debates can make a difference.