It's a mess! As part of a group of NYU students who ventured to Times Square in search of a fun evening, it definitely wasn't worth it. People were crammed right next to each other, so close that nobody could hardly sit down. The screen was visible (a plus) but people got up every ten seconds so not exactly worth it.
The atmosphere was great--every single time Obama was on the screen cheers arose--but not exactly worth sitting through when one could watch the exact same program at home. CNN interviewed various members of the audience, but asked questions such as "What will your face look like if McCain wins?" Not exactly the best question, if you ask me.
But none of that really matter in the end because Obama won! People are going crazy in the streets of New York, especially Union Square. After returning to my dorm, Third Ave. North (the biggest dorm in the country) students were going crazy and soon got together and converged on the streets.
All of the NYU students in dorms rushed to Union Square Park only to be met by hundreds of people chanting with a huge American Flag and singing "God Bless America." People kept parts of the flag as souvenirs and people who didn't even know each other took pictures and hugged. It was beautiful.