This is a really, really, really big endorsement. Obama used it as a chance to subtly take a jab through the Senator for Massachusetts. Ted said (and no doubt was referring to Billary):

With Barack Obama, we will turn the page on the old politics of misrepresentation and distortion.

With Barack Obama, we will close the book on the old politics of race against race, gender against gender, ethnic group against ethnic group, and straight against gay.

Obama accepts and delivers a magnificent speech which his campaign will surely use as a jumping off point given the monstrous win in South Carolina and this monstrous endorsement following it closely. This is the part that got me:

So make no mistake: the choice in this election is not between regions or religions or genders. It’s not about rich versus poor; young versus old; and it is not about black versus white. It’s about the past versus the future.

You’ll be hearing that a lot if they are smart. Do you want to go back to the politics of the past or forward to the hope of the future? That’s a winner, right there.

Complete video coverage after the jump

Patrick Kennedy introduces his cousin Caroline who has endorsed Obama and introduces her uncle Ted who follows her lead:

Ted’s full speech:

The entire event is capture here: