The money issue in this case is an excuse, a sorry one at that. Two reasons. One, the results are nearly identical to the 2010 election where the money factor wasn't nearly as lopsided. Maybe 2-1 in Walker's favor with direct contribution and independent spending being about equal. Two, the results also mirror where the polls have been for over a year, well before all this outide money (both sides received large amounts by the way) was even spent. While the money is a factor, the facts on the ground indicate it wasn't the most contributing, not even close.
In my opinion, the Walker victory comes from several factors.
1. The GOP's grassroots ground game put the Dems to shame. Look at the primary, Walker's (uncontested) had more votes than the entire Democratic field combined. That's a HUGE message in itself and rather surprising since the them was his opposition was much more enthusiastic from all the "end of the world" policies Walker had put forth.
And this is the one that I think spells trouble for Obama. The GOP ground game in Wisconsin is a well oiled machine right now with the Democrats hitting a brick wall full force. This will have impact in the coming months as some, if not quite a few, will be quite discouraged. This recall may end up being just one high stakes gigantic political miscalculation.
2. The recall itself. Exits polls indicated that some, though disagree with Walker's policies, diagree more with recalling him for them.
3. Whether you like it or not, his reforms are bearing fruit. No teachers had to be layed off, municipal healthcare costs are down, budgets are moving to the black, appears to be no major disruption in services. It appears that many union members in the Badger state don't necessarily feel the unions are worth dues. Look at the numbers of how many have voluntarily dropped off the union rolls.