The Republican party is 92% white in a country where the white majority is only 78% nationally. That doesn't mean the party as a whole is racist, but it does mean that the Republican party has a smaller share of racial minority votes than it should (if politics were simply ideological). That puts a racial spin on national elections even when a black man isn't running.
I'm going to take a WAG here and say that Romney wins, everyone who wanted Obama to win is first shocked, then outraged, and then the left accuses the right of stealing the election, voter suppression, and then simply falling back on the notion that republicans are simply racist.
If on the other hand Obama manages to win, I see a massive sales boost for firearms and ammunition manufacturers, a cry on the right of descent into socialism and/or communism, and a (still) locked congress.
The state of america is truely sad. I don't fully agree, but the loudest voices will cirtainly spout this insanity.