The Rove Has Spoken.

He doesn't think our girl is going to pull out the miracle. Which leaves us with Senator White Wine. (Which, at least I hope it's something with a little oomph, like a Pinot Grigio; I don't want to see Chardonnay being served in the White House. That would just be too grim.)

• Mrs. Clinton may battle until June and possibly until the convention in August. There's nothing Mr. Obama can or should do about it. After a long, bitter struggle, losing candidates often look for reasons to feel aggrieved. There is no reason to give her one. No pressure from Mr. Obama or party Chairman Howard Dean is better than pushing her out of the race.

• The Democrats' refusal to seat the Florida and Michigan delegations at their convention is an unresolved problem. If they insist on not seating these delegations, Democrats risk alienating voters in states with 44 of the 270 electoral votes needed to win the White House. And here Mr. Obama is at greater risk than Mrs. Clinton, especially in Florida. He trails John McCain badly in Sunshine State polls today, while Mrs. Clinton leads Mr. McCain there.

• The length of the Democratic contest has been—in some ways —a plus for the party. The AP estimates that more than 3.5 million new voters registered during the competitive primary season. And the hundreds of millions of dollars spent energizing Democratic turnout will leave organization and energy in place for November. Mr. Obama is a better candidate for having been battle tested. And Mr. McCain has to fight hard for attention. He's mentioned in less than 20% of the coverage in recent months, while Mr. Obama and Mrs. Clinton are talked about in 60% to 70% of the coverage.

• The length of the Democratic contest has been—in some ways —a minus. It has revealed weaknesses in Mr. Obama and Mrs. Clinton. Mrs. Clinton came across as calculating, contrived, stiff and self-concerned. Mr. Obama is increasingly seen not as the Second Coming, but as a typical liberal Chicago pol with a thin record, little experience, an array of troubling relationships and, to top it off, elitist sensibilities. Nominating him will now test the thesis that only a Democrat running as a moderate can win the White House.

The primary has created a deep fissure in Democratic ranks: blue collar, less affluent, less educated voters versus the white wine crowd of academics and upscale professionals (along with blacks and young people). Mr. Obama runs behind Mrs. Clinton's numbers when matched against Mr. McCain in key industrial battleground states. Less than half of Mrs. Clinton's backers in Indiana and North Carolina say they would support Mr. Obama if he were the nominee. In the most recent Fox News poll, two-and-a-half times as many Democrats break for Mr. McCain (15%) as Republicans defect to Mrs. Clinton (6%) and nearly twice as many Democrats support Mr. McCain (22%) as Republicans back Mr. Obama (13%). These "McCainocrat" defections could hurt badly.

State and local Democrats are realizing the toxicity of their probable national ticket. Democrats running in special congressional races recently in Louisiana and Mississippi positioned themselves as pro-life, pro-gun social conservatives and disavowed Mr. Obama. The Louisiana Democrat won his race on Saturday and said he "has not endorsed any national politician." The Mississippi Democrat is facing a runoff on May 13 and specifically denied that Mr. Obama had endorsed his campaign. Not exactly profiles in unity.

• As much as Mr. Obama's cheerleaders in the media hate it, Rev. Jeremiah Wright remains a large general-election challenge for Mr. Obama. Not only did Mr. Obama admit on "Fox News Sunday" that Mr. Wright was a legitimate issue, voters agree. Mr. Obama's favorable ratings have dropped since Mr. Wright emerged as an issue. More than half of Mrs. Clinton's supporters say it is a meaningful reflection on Mr. Obama's character and judgment.

• This will be a very difficult year for Republicans. The economy's shaky state, an unpopular war, and the natural desire for partisan change after eight years of one party in the White House have helped tilt the balance to the Democrats.

Mr. Obama is significantly weaker today than he was three months ago, but Democrats have the upper hand in November. They're beatable. But it's nonsense to think this year is going to be a replay of George H.W. Bush versus Michael Dukakis or Richard Nixon versus George McGovern.

• Mr. McCain is very competitive. He is the best candidate Republicans could have picked in this environment. With the GOP brand low, his appeal to moderates and independents becomes even more crucial.

My analysis of individual state polls shows that today Mr. McCain would win 241 Electoral College votes to Mr. Obama's 217, with 80 votes in toss-up states where neither candidate has more than a 3% lead. [ . . .]

Mr. McCain is realistic enough to know he will fall behind Mr. Obama once the Democratic nomination is settled. He's steeled himself and his team for that moment. And he's comforted by a belief that there will be plenty of time to recapture the lead. Mr. McCain saw Gerald Ford come from 30 points down to lose narrowly to Jimmy Carter in 1976, and watched George H.W. Bush overcome a 17-point deficit in the summer to hammer Michael Dukakis in the fall of 1988.

• The battlegrounds will look familiar. It will be the industrial heartland from Pennsylvania to Wisconsin, minus Indiana (Republican) and Illinois (Democrat); the western edge of the Midwest from Minnesota south to Missouri; Colorado, New Mexico and Nevada in the Rocky Mountains; Florida; and New Hampshire.

Mr. Obama will argue he puts Virginia and North Carolina into play (doubtful), and may make an attempt at winning one or two of Nebraska's electoral votes (it awards its electoral votes by congressional district). Mr. McCain will say he can put New Jersey and Delaware and part of Maine (it splits its vote like Nebraska) in play. But it's doubtful he'll win in Oregon or Washington State, although he believes he can.

• Almost everything we think we know right now will be revised and even overturned during the next six months. This has been a race in which conventional wisdom has often been proven wrong. The improbable or thought-to-be impossible has happened with regularity.

Yup. We've only just begun: white lies and promises.