I think there is a decent chance that Obama wins the popular vote but loses the election. IMO he's going to lose Pennsylvania and Florida which means he would have to win every other swing state or steal a red state to win the election.
Meh. It's impossible to say. Polling in the swing states is a tossup right now. Depending on the GOP candidate and economic conditions it could either stay close like that or turn into a landslide for obama. I have a hard time seeing a landslide the other way, which is why I said the fundamentals favor Obama. While there is a high degree of uncertainty right now if someone were forced to place money on this election they would be foolish to select the republicans.