This was the biggest fight North American MMA could cobble together at the time. Liddell/Tito would have been bigger, but Randy had to go and beat the crap out of Chucky before that could take place. It was a huge fight and cemented Couture as arguably the best LHW in the world... very arguably.
As far as the actual fight goes, it was an amazing display from Randy Couture, in my opinion his finest performance. It was also one of the best displays I've seen of pure wrestling in the Octagon, particularly Randy's clinch work. Keep in mind Tito had never been taken down before and he'd been in there against Matyushenko (who defeated Kevin Jackson and Dave Schultz on the freestyle worlds circuit) and Randy just ragdolled him at will and defended every one of his takedown attempts. Tito loved working from the clinch ordinarily, but Randy was just on another level in terms of wrestling skill and I was truly shocked at how badly he beat Ortiz.
The light spanking at the end was hilarious too, but not as hilarious as Tito's intense crying face at the end of the fight as Randy was being announced the winner. Seriously, he looked like a raped ape there.