[R. Scott]

This does not bode well for the East Coast. With Charley increasing in intensity and turning more eastward it could well move up over the ocean rather than inland. The Gulf Stream sometimes keeps hurricanes close to the coast, not allowing them to go out to sea. This could cause it to stregthen even more.
Some here in the Hampton Roads area are still cleaning up from a brush with a much weakened Hurricane Isabel last year.

[Jeff400000]

It may continue to strengthen until it hits the west coast of FL, then it will weaken over land. If it emerges back into the Atlantic, it could regain some intensity, but it will be in a more hostile environment (stronger winds aloft) than it is now. That said, it conceivably come in again as a cat 1 or maybe a 2...