mxz_chris.
A couple of things. First you have to avoid falling into the trap that what happens outside your window is happening everywhere. While you may have picked up 8", many areas not far from you only picked up a couple of inches. Snowfall can be very localized and amounts can vary greatly from one locale to another- especially when it is the light and fluffy kind that has been falling since Sat am.
The models do usually represent the moisture and precip fields pretty well, but their resolutions are on the order of 25-50 miles or more in most cases, so any localized variance is not picked up.
The bottom line is, snowfall is one of the most difficult things to forecast accurately because of the fact that it can vary quite a bit in a short distance and most folks will notice the difference between 3" and 8" of snow, but will not notice the difference between .10" and .35" of rain, which is what the difference in liquid equivalent is in this case.
-John