The New York Times has a lengthy overview, "Obama Sets Goal to Broaden Equality." And the text of the president's address is at the Wall Street Journal, "President Obama’s Second Inaugural Address."
I'll have more observations throughout the day. For example, the inaugural parade was pretty fascinating, especially the mind-boggling amount of security on hand. I literally felt nervous for a second when the president and the first lady got out of the limousine walk down Pennsylvania Avenue. It occurred to me, not for the first time, that there are people out there who'd love to see this president shot dead, more dead than perhaps any president before.
In any case, William Jacobson has more, "Obama Inaugural Speech — Collectivist We." And also at Memeorandum.