NRO’s Yural Levin had a comprehensive take on the debate. Here’s a key snippet:

Even more astonishing, to me, was Obama’s ignorant and gratuitous insult to the U.S. Navy, describing Navy ships as the equivalent of horses and bayonets. It seemed like a prepared line, and it was appalling. Are the hundreds of thousands of sailors bearing arms under our flag (on the president’s orders) defending America’s security around the world tonight merely riders in some quixotic cavalry brigade chasing make-believe Indian chiefs? How exactly does a “pivot to Asia” work without those old fashioned ships? How does a global superpower project force abroad with fewer ships than it had when it wasn’t a global superpower? How does the advent of aircraft carriers make the Navy less rather than more significant? Is the sitting president really this confused about defense strategy? That line seems like a Romney ad in Virginia just waiting to happen.

Now is the time at SDA when we juxtapose!
Barack Obama;

Marine Corps Boot Camp;

Update;

Contrary to the president’s assertion, the creation of aircraft carriers and submarines did not mean that we needed fewer ships. Quite the contrary. Aircraft carriers need just as many if not more supporting vessels than the obsolete battleships that no are no longer under commission. So do subs. The decline in naval strength compromises America’s ability to project power abroad. That is particularly true in places like the Persian Gulf, where President Obama is trying to sound as tough with Iran as Romney.
Even more foolish is the president’s attempt to portray contemporary naval vessels with cavalry horses. That says more about his own lack of understanding of the military than Romney’s. It also may cost him some votes in a state that he still hopes to win: Virginia, home of the largest U.S. Naval base in the country and hotbed of support for a stronger military.

The third and final presidential debate occurs tonight and you can watch it live here.

Your real-time comments throughout the event are much appreciated!
Update – great photo, courtesy Drudge.