UPDATE: Last night Fox lost viewership compared to CNN and even MSNBC's ratings election night 2010. Election night 2010 Fox had 6.957M. Last night down 20% to 5.444M. CNN up 24% from 2.423M election night 2010 to 3.01M last night. And even MSNBC up 20% from 1.957M election night to 2.357M last night.
Fox News hurt themselves by not running Rep. Michele Bachmann's response for the Tea Party live. Greta Van Susteren did run it later on her show, but sandwiched it in without any real commentary or analysis.
CNN treated it as a serious political news event by running it live and with serious commentary.
Good choice for CNN to treat a major political movement as important and their viewers as deserving commentary on it. The Tea Party may be a deciding force in the 2012 election as it was in the 2010 election.
Bad choice for Fox to take on the role of gatekeeper as to what is and is not serious news and a serious political movement. A conservative gatekeeper is no more attractive than a liberal one.