Expectations or no, Bush beat Gore in the debates.
I'm not confident that Kerry will beat Bush in the debates. Remember his open-mike comments about Bush and his clique in the spring? "They're crazy!" I'm not confident at this point that he'll be able to defend his record. Kerry too often seems to be afraid of Bush and Rove's apparatus.
Kerry's got a lot of debate experience, but Bush has done well in just about every debate he's been in. Gore couldn't decide who he wanted to be in the 2000 debate (the exasperated grownup, or the attack dog, or the likable successor). If Kerry seems to be 3 different people in the debates, it'll look bad for him. If Kerry can't convince people that he really does stand for something, then he'll be in trouble. On the other hand, if he can convince people that his plans are really workable and that he really does have core beliefs that people can relate to, then Kerry still has a good chance. Kerry can't just say "Bush is wrong and I would do everything differently!" That's pablum.
I don't think the popular or electoral vote will be as close this time as last. At the moment I think Bush is going to win 53:46:1 in the popular vote. (I couldn't give you numbers on the Electoral vote yet, but it won't be close.) If Kerry does well in the debates, I think he still has a good chance of winning. I've felt for a long time that the election was Kerry's to lose, and so far he's losing.
The debates are key. Bush has the advantage of low expectations. Kerry can't go in there thinking that Bush is an idiot and that it's a cakewalk. If nothing unexpected comes out in them, and if Kerry can't connect with people in clear terms, then Bush will win. That's my guess at the moment anyway.
Cheers,
Scott.
(Who thinks that things would probably be a little better under Kerry, mainly due to the divided government stuff that Ben talked about earlier.)