Actually, one good way to look at the model is to look at the betting line and test it against that. If you used Nate's numbers, you would have been loading up on Trump. It would be like someone creating a college football model that set PSU as an 11 point dog at home against Ohio State this year. If Penn State wins, I'm sure that some trash the model saying that it doesn't know what's it doing because it picked the wrong team? I'd be looking at how it did against it's peers (ie other prognosticators and the betting line).
I also laugh at people that complain about weathermen. I'll hear "how can it be raining, they said it only had a 20% chance of rain today", thinking that somehow 20% means that it shouldn't rain today.