At the top of Friday’s CBS "Early Show," co-host Harry Smith declared: "The votes have been cast and history has been made. Democratic voters in Iowa give African-American Senator Barack Obama a giant victory."

Shortly following this "historic" proclamation, Smith also commented: "Barack Obama, the big winner on the Democratic side," and spoke of both the Obama and Huckabee wins in these terms: "What a stunning night last night, a big surprise, big votes for change."

Smith continued the "stunning" theme of Obama’s victory throughout the opening segment of the show:

For the Democrats, Obama came in first with 38% of the vote. Stunning. 38%...Now, while the polls may have predicted it, it was still no less a breathtaking win for Barack Obama because he became the clear winner in the Iowa caucuses last night...With a record turnout and support from the under-30 crowd, independent voters, and first-time caucus goers, Barack Obama stunned the political establishment, and much of the country, with his clear and decisive victory Thursday night in Iowa.

Smith also discussed the surprise win of Mike Huckabee, but did not place the Republican Governor’s victory in the same historic terms.

Another interesting aspect of Smith’s coverage was the way in which he described Hillary Clinton’s defeat in Iowa versus Mitt Romney’s, both of whom lost by a margin of 9 percentage points on their respective sides. This is how Smith described Hillary’s loss: "Iowans voted loud and clear for change, and that left Senator Hillary Clinton humbled, yet determined to continue her campaign." Compare that to what he said of Romney’s defeat: "Romney, who led the race here last summer, is in trouble. A crushing loss in Iowa and behind now in New Hampshire, where voting takes place this Tuesday." So Hillary is "humbled" and "determined," while Romney is "in trouble" and suffered a "crushing loss."

A report by CBS Correspondent Dean Reynolds at the end of the segment added to the discussion of Obama’s historic victory and broad support: "Barack Obama talked to us a little bit on the plane coming here to Portsmouth, and he said he was impressed by the support that he received from young people, from independents, and Republicans, and he said it was a harbinger of things to come."

In a later segement, "Face the Nation" host, Bob Schieffer, talked with Smith about the Obama victory and continued the gleeful coverage:

HARRY SMITH: And we are live again here in New Hampshire with Bob Schieffer, who we've been calling the sage of late. I tell you, this was really quite a night last night.

BOB SCHIEFFER: Oh, it's one of the most exciting nights that I can ever remember. I mean, what a story. I mean, think of what happened last night. A black Freshman Senator with very little record goes into a state virtually all white, takes on one of the most famous women in the world, a formidable campaigner in her own right who I would also add has raised $100 million.

SMITH: As has he.

SCHIEFFER: As has he, and he wins. Now, that's a news story. And that is the kind of thing that political movements are built on, because he goes in there and says, look, it's time to take the old order out and bring on the new order. It's time for change.

SMITH: We talked so much over the last couple of days, while so much of his campaign was based on young people getting out, people who had never caucused before, those people never showed up before.

SCHIEFFER: Yes.

SMITH: People came out in record numbers.

SCHIEFFER: And that's when you know there's something new and different going on out there. So, I think he's going to be very formidable from here on in.

Smith and Schieffer concluded their discussion overjoyed by Obama’s win:

SMITH: It really was kind of amazing last night. You feel like you're watching history being made.

SCHIEFFER: Oh, it's wonderful.

Here is the full transcript of the 7:03am segment:

7:00AM TEASER:

HARRY SMITH: The votes have been cast and history has been made. Democratic voters in Iowa give African-American Senator Barack Obama a giant victory.

BARACK OBAMA: On this January night, at this defining moment in history, you have done what the cynics said we couldn't do.

SMITH: Former Baptist preacher Mike Huckabee, out manned and hugely outspent, stuns the Republican Party by soundly defeating Mitt Romney.

7:02AM TEASER:

SMITH: Good morning, everybody. I'm Harry Smith live in New Hampshire, where all the eyes are turning now as this state's first in the country primary happens next Tuesday. Julie Chen and Russ Mitchell are in New York. We're going to check in with them in just a second. Let me show you the headline this morning from this morning's "Boston Herald" right next door here in -- from New Hampshire. "Shazam!" it's Mike Huckabee, full face, full smile, right on the front of the paper, and of course Barack Obama, the big winner on the Democratic side. We're going to hear from both of them in just a couple of minutes. What a stunning night last night, a big surprise, big votes for change. We'll have full team coverage here in just a little bit.

7:03AM SEGMENT:

HARRY SMITH: Yeah, what a night last night and so amazing just to watch the speeches, watch the numbers roll in. Drama -- high drama -- for both Barack Obama and Mike Huckabee. And here's how the numbers came down. For the Democrats, Obama came in first with 38% of the vote. Stunning. 38%. There's John Edwards in second. And Hillary Clinton narrowly behind in third place with 29%. On the Republican side, Mike Huckabee finished a big-time first with 34% of the vote. Mitt Romney far behind in second with 25%. Third place was a virtual tie between Fred Thompson and John McCain. Now, while the polls may have predicted it, it was still no less a breathtaking win for Barack Obama because he became the clear winner in the Iowa caucuses last night.

BARACK OBAMA: But on this January night, at this defining moment in history, you have done what the cynics said we couldn't do.

SMITH: With a record turnout and support from the under-30 crowd, independent voters, and first-time caucus goers, Barack Obama stunned the political establishment, and much of the country, with his clear and decisive victory Thursday night in Iowa.

OBAMA: We are choosing hope over fear. We're choosing unity over division and sending a powerful message that change is coming to America.

SMITH: Iowans voted loud and clear for change, and that left Senator Hillary Clinton humbled, yet determined to continue her campaign.

HILLARY CLINTON: Well, we're going to take this enthusiasm and go right to New Hampshire tonight.

SMITH: And John Edwards, who narrowly edged Clinton for second place, in a position to say his candidacy is still alive, too.

JOHN EDWARDS: And now we move on. We move on from Iowa to New Hampshire and to the other states to determine who's best suited to bring about the change that this country so desperately needed.

SMITH: Perhaps equally surprising for the Republicans was the margin of victory for former Arkansas Governor Mike Huckabee.

MIKE HUCKABEE: I wasn't sure that I would ever be able to love a state as much as I love my home state of Arkansas, but tonight, I love Iowa a whole lot.

SMITH: Huckabee says he was outspent by Mitt Romney 15-1, but Evangelical Christians, the most important force among Iowa's Republicans, weren't buying it.

HUCKABEE: Well, tonight we proved that American politics still is in the hands of ordinary folks like you and across this country.

SMITH: Romney, who led the race here last summer, is in trouble. A crushing loss in Iowa and behind now in New Hampshire, where voting takes place this Tuesday.

MITT ROMNEY: You win the silver in one event, it doesn't mean you're not going to come back and win the gold in the final event, and that we're going to do.

SMITH: Chris Dodd and Joe Biden barely registered in the caucus last night in Iowa, and both have already dropped out of the race. CBS News Correspondent Dean Reynolds has been following the campaign of Barack Obama here these many months in Iowa and across the country. He is just off the plane with Barack Obama and now in Portsmouth, New Hampshire with us this morning. Dean, good morning.

DEAN REYNOLDS: Good morning, Harry. I can report to you that the candidate is hoarse, he is fatigued, but he is exhilarated. Barack Obama talked to us a little bit on the plane coming here to Portsmouth, and he said he was impressed by the support that he received from young people, from independents, and Republicans, and he said it was a harbinger of things to come. But last night in Des Moines, in his victory statement, he spoke of hope.

OBAMA: Hope is the bedrock of this nation, the belief that our destiny will not be written for us but by us, by all those men and women who are not content to settle for the world as it is, who have the courage to remake the world as it should be, that is what we started here in Iowa, and that is the message we can now carry to New Hampshire and beyond...Because we are not a collection of red states and blue states. We are the United States of America. And in this moment, in this election, we are ready to believe again.

REYNOLDS: Now, in that chat we had with him on the plane, Barack Obama declined to speculate about what his victory means to the two other Democratic campaigns. He has things to do, of course. He's going to be campaigning in just a couple of hours here in Portsmouth, and then continuing on in this race, which is very tight. And this is a race that he hopes he'll get a bounce from Iowa to help him here in New Hampshire. Harry?

SMITH: Alright. Dean Reynolds live with us in New Hampshire this morning, thanks very much.

—Kyle Drennen is a news analyst at the Media Research Center.