Obama was definitely holding back. When Romney was talking about cooperating with the Democrats in the Massachusetts legislature, the unspoken elephant in the room was that the Republicans in congress have been astoundingly obstructionist in the last few years. The cooperation that Romney enjoyed has not been extended to the president. There were several such incidents where Obama chose not to say something true that would have caused conflict.
The biggest thing that I disliked was how both candidates kept repeating statistics that the other discredited. Obama repeated the 5 trillion tax cut after Romney said he wouldn't do it, and Romney repeated the 700 billion "stealing" from medicare, even though the president said that wasn't true. That they stuck to their narrative instead of really responding to the other (though the president did a little such responding), made them both look bad.
Romney also largely spoke in vague statements. What exactly does "championing" small businesses mean? It's a good soundbite, but Romney really didn't make his actual plan very clear. He spent a lot more time talking about what he wouldn't do than what he would. Also his math is impossible.
As a matter of confidence and focus, Romney looked better. A later review shows that he was just blowing smoke. I'm not sure which one wins under those conditions. Probably neither one wins anything until Nov. 6.