Commentary and analysis from referendum observers is being produced by the bucket load, not all of it has substance. Here though are some salient points to note from friend Marcus Ashworth, Head of Fixed Income over at Espirito Santo, and he writes really, with no particular axe to grind..
"It was Crumble's Ma wot did it........ the silent majority came out in droves to register their understated desire to retain the Union, whereas in Glasgow the turnout was one of the lowest and 53.5/46.5% was not enough of a Yes vote to give Salmond a chance. Despite all the puff he didn't get his vote out, and in what was probably the largest % turnout in a modern democracy ever (Aus doesn't count as semi-forced voting). Bully boy tactics clearly backfired.
A double digit majority was what was required to put this issue to bed for now - though of course Salmond doesn't have that in his nature - "at this stage" was a particularly telling phrase in his most ungracious acceptance of defeat speech. Evidently his only tactic left is to try and grab as much of the "vows" as possible. However, Number 10 apparently has some other ideas and talk of Devo Max is being downplayed.
The chat from Downing St seeems to a swift volte face to try and redress the growing clamour from the Tory backbenches about what Gordy was allowed to promise in the final days? For all the sense of panic it is evident that Gordy had this worked out many months ago but was only sanctioned to unleash the dogs of war in the final nail-biting furlong. His last speech was apparently his best, though equally Cameron did his bit under unrelenting abuse. The Better Together campaign was pretty much totally Scottish Labour led and Tory free, it is not the winner though. Labour party conf in Manchester - Ed needs an even better speech this time - pref without that Disraeli one-nation blather.
The West Lothian question is the key piece of egregiousness that will have to be finally knocked on the head - something that Labour has conspicuously failed to do. Scottish MPs will soon no longer be allowed to vote on England only matters - whilst of course English MPs have never been allowed to vote on Scottish matters. This will pose a knotty one for Miliband because it could very well permanently emasculate Labour Govts if on budgetary matters there is not enough of an English-only MP backing. The Barnett formula (which even its eponymous creator thinks should be scrapped) will stick in the craw. If affords a permanent upward only subsidy of circa £1500 per person to Scotland over rest of UK. This has not gone down well south of the border. At all.
Cameron may have been knifed by Clegg on the Boundary Commission changes (which is the most outrageous breach of code for the so-called Mother of Parliaments) - but this way he may partly get his own back. If he fails then he will really face the chop from the 1922 cmte. Bear in mind Clacton by-election shortly will see a big slap for Cameron - and his image is very much of the "essay crisis". Tricky times if he drops this ball on Constitutional change - especially if Salmond gets traction on any perceived signs of backsliding on the vows.
Labour has acted appallingly throughout this campaign being utterly self-serving and using every opportunity to try and turn a battle to save the Union into a call for a Labour Govt next May. If Miliband fails to engage in a William Hague (as Leader of the House) overseen all-party talks, then it will be Labour who will carry the can for failing to deliver on the myriad of promises offered up by their last Prime Minister.
If only for that fact Cameron should emerge from this as the biggest winner and it's a 2nd big win for him after seeing off the Lib Dems on proportional representation, is he on a roll for winning in Europe as well? OK that might be a leap of faith too far - still the gamble has largely paid off and the Tories can get to shape constitutional change whilst still in power. That is a major, major difference from the expected situation that the next Labour Govt (as the polls still point to) would carve it up as they see fit.
I find it hard to see (bar Gordy, Darling to some extent and of course the redoubtable Jim Murphy who will clearly get a Knighthood) who in Labour comes out of this with any accolades. Miliband is a dead man walking - and he knows it. It is one thing for Cameron to find it difficult to campaign in Scotland but for a Labour leader not to either basically bother to get up there until the last few moments and then not to be capable of walking through Edinburgh is a travesty of not just how the Yes campaign has been conducted but of Miliband's validity. Clegg has proved that the Lib Dem vote has vaporised. Question now is whether Salmond can survive, let's hope not as he allowed a very dirty campaign to get quite seriously out of hand - he deserves to go just for that alone. Only Farage had the temerity to call him out for that."