Back in January, people said Edwards was focusing toomuch on the economy and on the populist 'big business vs. the little gu' message. If he had not fooled around and somehow won the nomination, the electoral college would look VERY different. Obama has made inroads into red states (Indiana, Colorado, Virginia, North Carolina, Missouri, Georgia) + the purple (NH NM, Iowa).
But with the current meltdown, Edwards would take those states (maybe not Georgia) + WV, Kentucky, Tennesee, perhaps Arkansas right away.
I could see McCain only winning Utah, Alaska, Mississippi, Alabama, Idaho, Wyoming, Oaklahoma, Nebraska, Kansas, and maybe Arizona and the rest to Edwards. I also think under this scenario, Edwards would have even stronger coattails than Obama has (except maybe in the southern states with large African American populations).
Furthermore, I feel that the current crisis may serve to rehabilitate Edwards as a candidate for Secretary of Labor. You do not want to mention it now preelection, but his positions put him in an excellent spot to take on that role if Obama is willing to go to bat for him after nominating him for the cabinet.