The front page link to the story is a picture of Obama hugging Senator Ted Kennedy. While the main focus should be Obama, you can't even see his face. There is also an urgent news update included which offers information that Kennedy collapsed at a luncheon held after the swearing in ceremony.

Under the main article picture and link, there are smaller stories discussing the amount of traffic in Washington, D.C. today, Michelle Obama's style, and how ex-President George W. Bush left the White House to return home to Texas.
I don't think this coverage works due to the fact Fox News seems to downplay Obama's inauguration.
If I were editor, I would have a bigger announcement of Obama's inauguration. Whether you are liberal or conservative, this is a moment in history. Even someone who isn't the first black president should get overwhelming news coverage on his inauguration day.
Looking at the Web site for MSNBC, I saw that they were treating this event as much more important than Fox News is. MSNBC's audience is more liberal in nature, but I still believe that they are unbiased on the transfer of power. They still manage to capture Obama's inauguration as something that doesn't happen every day. They have more stories detailing different events that happened during the day and more pictures to add to the viewing experience of their Web site.
The only similarity I could find between the two Web sites that stood out to me was the fact both had Obama's inauguration as the lead story.
After looking at the two Web sites, I prefer MSNBC's coverage. Not only do they give significance to the event but also have smaller stories that lead into the larger picture of the day.