Why does everybody seem to act as if the 2010 election never happened? Democrats lost something like 700 seats nationwide. The anger that grew in 2009 and 2010 has not abated one bit...it has grown.
The campaigns already have a pretty good sense of how this race is going to play out. And many in the media do, but will not share until after the election.
And by 10pm on election night, both campaigns will probably be 99% certain of the final outcome. If there are 2-3 states that could be challenged for a recount, then then will not concede. If they know the gig is up, Obama will concede pretty quickly and pack for Hawaii.
Some major state-level elections are even more unconventional because they occur in "mid-midterm" years. The governor of New Jersey and the mayor of New York City, for example, were both elected in 2009.