I don’t believe it’s a fait accompli one way or the other.
Here’s what Powell said back in September:
“[T]o send that kind of a message (having a black president), I think would be electrifying,” he said, “but at the same time, we have to make a judgment here ... which of the candidates blends a right measure of experience and judgment? I have been watching both of these individuals, and I know them both extremely well and I have not decided who I’m going to vote for yet.”
Powell said he wants to watch the debates, look at the party platforms, and focus on substance. “We’ve got to get off this lipstick on a pig stuff,” he said to loud applause.
When one of the moderators asked Powell whether this vote was personal to him since he was the first African-American Secretary of State, his answer sparked wild applause. “I’m an American first and foremost,” he said.
Powell explained to the audience that he told McCain he would not vote for him just because they have been friends for 25 years, and he told Obama he would not vote for him just because he is black. He said he will look at who has the best economic policies, who inspires the most confidence in the country and around the world, and who will keep America safe.
http://firstread.msnbc.msn.com/archive/2008/09/15/1403219.aspx