As my antenna doesn't pick up CBS and NBC, I can't comment on those two stations, but I can say that PBS easily had the best coverage. Their commentators kept out of the way, only speaking when there was something useful to contribute. Additionally, they handled the instrumental performance and Obama's inauguration speech very well. Thank you, PBS.
Meanwhile, well after the inauguration ceremony had ended and PBS was discussing the content of Obama's speech, I looked back through the channels to see what was being covered. The CW had two people onscreen, both bundled up and out on the street, yelling into their microphones about the mood of the crowd around them. Fox was discussing the parade. ABC was showing footage of a young George H. W. Bush, caught on camera at the inauguration of Lyndon B. Johnson. Stephanopoulos managed to get a single sentence in about Johnson's civil rights work that helped pave the way to Obama's election...to which his idiot co-commentators responded with a confused smile, a blink, and BAM right back to rapid-fire drivel-with-a-smile.