The Presidency - Method 1
Intrade posts State-by-State odds odds on the outcome of the presidential election in November. I assign all of a State's electoral votes to the party whose nominee that is expected to win that State. Where the odds are 50-50, I split the State's electoral votes between the two parties.
As of today, the odds point to this result:
Democrat -- 309 electoral votes (EVs)
Republican -- 229 EVs
The Presidency - Method 2 (UPDATED, 05/09/08)
Democrat --I have revised my "secret formula." One result of the revision is that the margin of error is greater than before, thus the broad span of estimates. But the estimate produced by method 1 is almost exactly same as the mean estimate by method 2 (239 EVs), which gives me more confidence in method 2.
241 to 288 EVs241 to 357 EVs
250 to 297 EVs181 to 297 EVs
Democrats will gain five Senate seats: picking up one each in Alaska, Colorado, New Hampshire, New Mexico, and Virginia. The balance in the Senate will change from 51 Democrats (including Lieberman and Sanders, both nominally independent) and 49 Republicans to 56 Democrats and 44 Republicans.
Even if John McCain wins the election, he will face a Senate that could filibuster his nominations, given the several RINOs among the 44 GOP members.