The Republicans lost because their most attractive policy of small government and minimal economic interference has been hijacked by fundamentalists who have very unattractive views on death penalties, gay marriages etc... It presents a very confused image and makes them rather ugly. It's very hard to vote for Republicans even IF you agree with their economic vision (though is still more bias towards crony capitalism than free-market capitalism)
There is also another problem. The most talented people who are into free-markets, small government, low taxes 'tend' (I say that hesitantly) don't want to go into government jobs. They 'tend' to get good jobs, start their own businesses and become successful and wealthy individuals. And Romney proves even if this type of individual gets into politics they find it hard to 'relate' to the electorate.
Those who believe in social justice and distribution of wealth (and I hesitate again) tend to want to go into governmental jobs. You don't find many right-wingers working for the state (and I know several state workers who back that theory up). So the most talented and charismatic left wingers end up proving very popular politicians, because that's the obvious career route to take.
And that's why you end up with the charismatic and talent Obama trouncing someone like Romney... well that's my theory anyway