As I said in another post, Lobo is one of the two best analysts in the game, as she does what so many do not - dissects plays and breaks them down from an Xs and Os standpoint.
So many other announcers (Peck, Lieberman, Meyers, Lawson, etc.) talk/talked about how versatile the players were and how many positions they could play, while only mentioning things that an average WBB viewer would know (e.g., Courtney Paris, while at Oklahoma dominated the paint and the glass). And frankly, if the players were as versatile as the annoucers claim they were, the women's game would be more advanced than it is.
Lobo goes beyond that which others say, telling us the ways in which a player would score (e.g., telling us where in the paint Paris would score from, what moves she uses how she made her moves, what side of the block she prefers, etc.). That is great color commentary.
Having said all that, she seemed a bit over-exuberant last night. Maybe it was the atmosphere (it was quite electric), but when she was making other comments that weren't about Xs and Os, she seemed to be a bit more "cheerleader-ish" than she is. She still gave her great insights, but she seemed more "excited" than usual.
But then again, Carolyn Peck broke down a play in the studio (something she never does or never does well in a manner reasonably understood by the casual viewer), so it was a weird night all-around.