Kerry has a reputation for fighting back; he's had come-from-behind victories before after being written off as defeated. Albeit, this was in Massachusetts. But I expect Kerry to unleash a withering negative campaign against Bush: highlighting claimed Bush flip-flops, Bush failure to keep promises, alleged Bush lies. You can do a lot with $100 million.
Did anybody notice the 34% of 'non-white' voters for Bush? If true, this is a death knell for the Democrats for decades to come.