An anonymous reader writes "Election Analytics is a website developed by Dr. Sheldon Jacobson at the University of Illinois designed to predict the outcomes of the U.S. presidential and senatorial elections, based on reported polling data. From the site: 'The mathematical model employs Bayesian estimators that use available state poll results (at present, this is being taken from Rasmussen, Survey USA, and Quinnipiac, among others) to determine the probability that each presidential candidate will win each of the states (or the probability that each political party will win the Senate race in each state). These state-by-state probabilities are then used in a dynamic programming algorithm to determine a probability distribution for the number of Electoral College votes that each candidate will win in the 2012 presidential election. In the case of the Senate races, the individual state probabilities are used to determine the number of seats that each party will control.'"
You can tweak the site by selecting a skew toward the Republican or Democratic tickets, and whether it's mild or strong. Right now, this tool shows the odds favor another four years for Obama, even with a strong swing for the Republicans.