Shogun arguably won rounds 4 and 5 since Machida was down to just his timing and was worn down but the first three rounds are toss ups. Machida got the better of the flurries and stuffed all takedown attempts but Shogun dictated the pace of the match, was more patient than Machida and landed more meaningful shots.
All things said and done it looks grim for Shogun in a rematch; it's hard to win when your hand is shown and Machida is going to make all the adjustments to it. Unless Shogun can put on another masterful performance and then some I don't see him winning it.