I've gotten a lot of info to chew on but here is the gist of it.
As it stands now:
The Democrats are projected to pick up 1 seat in the US Senate (most probably Penn.)
The projected makeup of the US Senate in 2007-8. 54 Rep. - 46 Dem.
The Democrats are projected to pick up 13 seats in the US House (the numbers are too numerous to put up here).
The projected makeup of the US House in 2007-8. 219 Rep. - 216 Dem.
The Dems will be two seats short of a majority. Don't read this as a GOP victory, it is basically a toss-up for control of the House. Momentum is against the GOP.
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