Did this system ever work in a way where you had actual results the day after the election?

So, based on the predicted results of Ohio (where people were apparently still voting at midnight? Where over 100 000 ballots won't be counted for the next 10 days? And on which the news agencies can't agree? [They also can't agree on Michigan?]) - Bush may have won? But like last time, nobody will know for sure for some time?

And I thought only this Electoral Votes system was weird.

*presses ctrl-r some more*
*is fatalist*
*settles down to wait anyway*

Huh?

Um sorry?
Do I understand this correctly?
It's possible for a candidate to say no matter what the actual result may be, he gives up?
That's legal? And supposed to be a good thing?
Seriously: WTF?