He waited too long. That's why he lost. He did more damage, but only in the 3rd round. I had Rampage up in the 1st. The shots he actually landed were better than Machida's leg kicks which were minor. The knee he landed in the 2nd was much better than his kicks but Rampage still had that round. You have to also remember that Machida was running away for a good amount of the first 2 rounds and holding Rampage and not gaining any kind of advantage. It didn't help him at all. I think Machida just needs to learn that he can't win by coasting for two rounds and then deciding to fight in the end.
I think there should definitely be a rematch. I just hope he learns why he lost the fight otherwise he'll keep having this same problem.