It could be much worse than it’s looking right now. Mitch McConnell and Saxby Chambliss look like they’re going to hold on, and Wicker in Mississippi looks pretty good too. If those results stand, there is always the prospect of a filibuster, and a bit of leverage to test the talk about bipartisanship.
McCain seems to have been closing the gap, but Obama seems to have been able to run out the clock on him, having built up a substantial lead (in the polls and, as is likely, in early voting). The E.C. result will probably be more pronounced than the popular vote. (Will that make folks fall back in love with the Electoral College? I doubt it.) Right now, McCain is actually ahead in the popular vote, but that won’t last, as cities are typically counted later and as the west coast returns come in.