If we’re down 5, we’re down in the electoral college. It’s that simple
Having said that, IMO there is no way that Obama wins by 5% if the election were held today. In fact my personal sense is that it would be a strap into your seat and be terrified as the votes come in late into the night, with somewhere like Ohio being key.
Now if Obama "performs well" in the public eye in all of the debates, and poll trends continue poor up until election day then I may buy a 5% gap.
Is down 5 in the Gallup daily track the same as tied in the Rasmussen daily track? Who do you choose to believe? The poll that looks worse or the poll that looks better?