Statistically speaking, if you gave every red state to McCain plus all of the blue states in which Obama’s lead was less than 7%, Obama would still lead by 16 electoral votes.
To me, the only thing this does is bring this back to a 50/50 election. With such incredible voter suppression from the GOP, there are scores of people being denied the right to vote because of Republican tactics. Add to this the Bradley Effect, the fact that Democrats have a harder time missing work, and a little bit of laziness – and this could easily add up to 8%. Obama can survive an 7% cut, but not an 8%. With a margin that small, every vote for Obama is important.