McCain

Substance: Sounded more engaged on his economic program, presenting a clear, thematic argument.

Grade: A-

Style: For forty minutes, cogent, friendly, and yet sharp when he needed to be. Lost points during the second half of the session by falling back on the tics that have marred his earlier performances.

Grade: B+

Offense: Hit Obama again and again, almost always with authority and command rather than desperation. At times, though, became too agitated and lost focus.

Grade: A-

Defense: Dramatically proclaimed "I am not President Bush" with toughness and clarity, in one of the few true 'moments' in any of the debates.

Grade: A-

Overall: During the first half of the debate, the Republican nominee showed off the best of himself -- dedicated, sincere, patriotic, cheery, earnest, commanding--all without seeming old or anxious. He even scored some points in the "change" category, against the candidate who has owned the theme. He was also clear, upbeat, and totally on message. To his detriment, however, he became more aggressive and distracted during the second half, and perhaps lost a chance for the truly dramatic event he needs to change the game. Still, if a silent majority of persuadable voters watched the debate, they saw why McCain's advisers have faith in him and still believe he can win this race.

Overall grade: A-

Obama

Substance: Intelligent, knowledgeable, and an earnest explainer without bothering to fight ardently for his case.

Grade: B

Style: Appeared tired and irritable, but recovered after the rocky start to avoid anything transformative for his opponent.

Grade: B-

Offense: Rarely went after McCain.

Grade: C+

Defense: Unrattled by frequent McCain attacks, but a little peevish in addressing the allegations tossed his way.

Grade: B+

Overall: During the first half of the debate, the Democratic nominee too often displayed his worst traits-- petty, aloof, imperious-- and behaved as if he had some place better to be, although he became warmer and more engaged as the evening progressed. He did not seem to have an explicit strategy, answering the questions piecemeal as they came his way, without driving a message or even a theme. He retained his consistently unflappable air, and had a few fine moments. If he was sitting on his lead, it worked-- but perhaps at the expense of relinquishing part of it.

Overall grade: B

Read the full report cards on Time.com here.