Let's look at the math

Delegates, delegates, delegates. It's all we hear about, and it is what is going to matter at the end of the day. Who has more support? What about superdelgates? What about Florida and Michigan?

In current delegate estimates, Obama has the edge. By 2.7%. Calling Obama the front runner, while accurate, is overrated. Even the margin of error predicted by both campaigns easily erases a 2.7% lead by either candidate. By this estimate, Clinton is most definitely still competitive, and still in the race.

Current Estimates
Obama 1315 (51.3%)
Clinton 1245 (48.6%)

If we add Florida (and their 228 delegates), where delegates have been stripped, but all candidates were on the ballot, Obama actually looks more competitive with a 5% lead. Five points is the generally accepted margin of error in polling.

w/Florida
Obama 1428 (53.7%)
Clinton 1360 (48.7%)

If we add Florida and Michigan, the lead is dramatically narrowed, giving Obama only a 1.7% lead, again, easily washed away in the margin of error.

w/Florida and Michigan
Obama 1498 (50.8%)
Clinton 1446 (49.1%)

Just for fun, what if it were like the GOP method of winner-takes-all?

If it were winner takes all:

We see Obama with a much bigger lead. 6.8%

Current if
1516 Obama (53.3%)
1326 Clinton (46.5%)

But, once we add Florida, then Michigan, the balance tips toward Clinton.

w/Florida
Obama 1516 (49.3%)
Clinton 1554 (50.5%)

w/Florida and Michigan
Obama 1516 (46.9%)
Clinton 1710 (53%)

Obviously, the DNC is not going to change the rules and go with winner takes all. But, the winner takes all model, with all states included, definitely casts serious light on why Obama is so opposed to inclusion of Florida and Michigan. Not only does supporting the rules make him look more democratic and more committed to the agreed upon rules, but the inclusion of those two states shows a pattern for Clinton that is unsettling: she does far better in big bloc states. The last thing Obama wants is the perception that more people prefer Clinton, although that has shown itself to be the case when the Big Boys States have voted.

Regardless of what the media is saying, the race is far from decided. With the current reality that Clinton is less than 3% behind, and with "firewall" states still showing a preference for Clinton, the game is on. Clinton is saying, "Let's get real." I say let's get real, too. Obama is the assumed victor at the moment based on a less than 3% lead? Hardly. It is still too close to call, and I am sure that neither campaign has played its ace yet.