In thinking about the fight some more, I'm actually more convinced that Diaz actually won it. He had complete octagon control, had more takedowns, and had about 4 sub attempts in the final round; including one that I think Condit just barely got out of. Condit landed more strikes, but that's simply because he got shots in as he was running away like a scared little girl. He completely changed his fighting style in order to run away from Diaz, rather than to stand toe to toe and go to war. Apparently all you need to do to win a belt is dance around a lot and land more punches... and nothing else really matters. Diaz took 1-2, Condit took 3-4, and I don't know how you give 5 to anyone but Diaz with the takedown and ground control. Dana said he had the same thing for the first four rounds, but that Condit took the fifth... though I obviously can't come up with how he came to that conclusion about the fifth.
I'd love to see a rematch between these guys before the unification bout with GSP... especially since it doesn't look like GSP is going to be in fighting shape until mid to late fall. Put these guys against each other in UFC 147/148 (should be June), and then a unification bout in November.