UPDATE: CNN declares likewise. This race is over. The largest state called for McCain so far is Georgia. Obama's current electoral vote count is around 200 of 270 needed for the White House.
UPDATE: CNN just put up a scenario giving McCain the rest of all of the states except for California, Oregon, and Washington, and it still left him short of the required 270 electoral votes. They even gave him states like New Mexico and Iowa, where Obama is expected to win. So literally the only way that McCain can win at this point is to take dark blue California, Oregon, or Washington. Stick a fork in the GOP.
UPDATE: Josh Marshall is starting to feel it:
A lot of states are still out. But with Pennsylvania, New Mexico and especially Ohio, this race is all but over. Obviously, if the networks projections are wrong in Ohio or PA, all bets are off. But assuming those calls stay in place, it's virtually impossible to see how McCain wins. He would have to win a big blue state to get back into the race. And I just can't see one on the map. There aren't any more available that were even remotely in contention. Things are looking extremely good for Barack Obama.