Senate Races:

Democrats have fifty-six seats, Republicans forty. With all or almost all (99% in Alaska) the votes counted, if current totals hold after recounts and whatnot, the Republicans get three more (Georgia, Minnesota, and believe it or not, Ted Stevens's seat in Alaska). Oregon only has about 3/4 reporting, with the Republican ahead slightly, and Portland results in.

More generally, the picture is of a solid Democratic win, but not the tsunami some had expected. Obama won the popular vote by a solid, but not crushing, margin of slightly less than six percent (52.4-46.5). Bill Clinton beat Bob Dole by a significantly greater margin and even greater relative percentage (49.25-40.71), and George Bush by a slightly lower margin, but higher relative percentage (43.01-37.45). Bush, meanwhile, beat Dukakis by a larger margin, 53.4 to 45.6. The Democrats picked up about twenty House seats, on the low end of the expected range. And, as noted above, they seem likely to pick up five or six Senate seats,which would make the Senate races either 18-16 in favor of the Democrats, or tied at 17-17, again on the low end of the expected range.

UPDATE: BTW, of course I'm aware that presidential elections are decided by the Electoral College, not the popular vote. But comparing electoral college results gives the same picture, and I think looking at the popular vote gives one a better idea of how much national sentiment has shifted to the Democrats.