Our colleague Richard Zoglin files this from Saturday night’s big event:

Jay Leno was a disappointingly safe choice as host of this year’s White House Correspondents’ dinner. Still, there was some logic to it. At a time of bitter partisan rancor in Washington, the press group clearly felt no urge to risk stirring up more ill will with a real political satirist like Stephen Colbert (who skewered the Bush gang back in ’06) or a loose cannon like Wanda Sykes (who last year labeled Rush Limbaugh “the 20th hijacker” because he’s rooting for Obama to fail). You could even argue it was an ideal time for Leno to trade barbs with President Obama. Both got big promotions last year. Both ran into unforeseen problems. And both rebounded quite nicely in the end. Leno’s flailing attempt at a prime-time program on NBC was mercifully canceled, and he was awarded his old job back as Tonight show host. Obama got health care passed.

Still, the lopsided result of Saturday night’s comedy faceoff at the Washington Hilton was a little startling. Leno, the workaholic comedy pro, got bested by the stand-up neophyte onstage, Barack Obama.

Maybe you have to know the room. Obama’s material was a canny mix of self-deprecation and score settling with the various constituencies in the hall. “I may not have the star power that I once had,” he admitted, talking about his dropping approval ratings to the assembled journalists. “But in my defense, neither do all of you.” He took on old foes: John McCain “recently claimed he had never identified himself as a maverick,” said the President. “And we all know what happens in Arizona when you don’t have ID.” And new ones: “All the jokes tonight are brought to you by our friends at Goldman Sachs,” Obama said. “So you don’t have to worry. They make money whether you laugh or not.”

But it wasn’t just the material.