TUESDAY UPDATE: GREAT COMMENTS ALL, GIVEN IT IS US ELECTION DAY TODAY WILL LEAVE THIS POST HERE FOR A LITTLE LONGER
Now, let's not be neutral here. I once lived in the US for a few years and if I did again now (and could vote!) I'd be voting Romney every time. (However, given that I lived in solid Democratic state California fat lot of good it would have done).
Having said that, it is interesting to watch the media at the moment. Desperate for ratings and attention, they collective zeal is to build up the race as much as they can. A close race is more exciting (or a landslide) and generates more interest.
Of course, in America, with the paid advertising portraying the other guy as the devil incarnate who will eat your babies, people have a tendency to get more strident than they do in the UK - where we tend to despite all politicians more equally. Especially of late where we can so easily tell that none of them are up to the job.
But in the US, the race is not that close. Romney certainly made up some ground in the campaign, but he started from a long-way back. There are some key trends in the US which affect the UK too, notably postal voting means a decent chunk of people vote before the end of the campaign. These votes have been going to Obama.
Another important similarity is that the US presidential election is a first past the post one, as is the UK. This means that vote share is less important than 'seat count' (in the US, electoral college votes). Here Obama is home and hosed. There are 5 really bit states in the US that count, NY, Cali, Texas, Florida and Ohio. of these NY and Cali are democrat and only Texas is Republican. This means any republican challenger has to get Florida and Ohio. Romney may edge Florida, but certainly not Ohio. Plus the Republicans have to make sure of all other non-coastal states and this is getting harder in Nevada and New Mexico as immigration rapidly mixes up the states voting mix.
All this means that Obama gets in by reckoning with over 300 Electoral College votes. The close race meme currently being pushed is a great one for media interest, but in reality Obama leads in all the swing states.
It is really hard to unseat and incumbent in the US Presidential Election, it happens very rarely and won't be happening tomorrow.