Surprisingly muted. I thought Rush was going to throw Romney under the bus like he immediately threw McCain under the bus. Instead of that he pretty much doubled down on Romney love, saying there's nobody more qualified to be president, what a wonderful man, blah blah blah.
Rush claims that there is no point in reaching out to women and minorities -- because apparently having some women and hispanics speak at the Republican National Convention did not help to capture the female/black/latino vote. Says that even if Republicans gave away birth control and opened the borders, they still wouldn't get votes. He says that young people would not vote Republican even if their platform was to forgive all student debt.
After that it was the usual bit about how Obama wins because people are lazy and don't want to work, and they would rather have Santa-Obama give them their living rather than be responsible for themselves.
Overall though I'd say the show had a much more downbeat tone than in 2008 (the last time I listened). After Obama's first victory, Rush was immediately strategizing and envisioning a way to take back the White House (TRUE CONSERVATIVES - NO MORE PHONY MODERATES LIKE MCCAIN!). This time he isn't even mapping a path to victory, he's just rambling about how awful everything is going to be, blaming the media, etc, etc.