It's probably a bit early to start thinking about the math of the 2012 Electoral College, but there have been some significant changes in the allocation of Electoral Votes due to the 2010 census.
For example, flash back to 2004 where Bush and Kerry slugged it out in Ohio for the win. If that scenario were duplicated today Ohio could go blue and it wouldn't matter. The GOP would still win the Presidency as shown in this map.
The shift of population from blue states to red states, as determined by the 2010 census, has given the GOP a boost of about six electoral votes compared to 2008/2004. For example, Texas has gained four votes in the electoral college with Massachusetts, New Jersey, Michigan, and Pennsylvania each losing one. New York State has seen its electoral voice reduced by two votes.
ElectoralMap.net has an interactive US map for testing out various Electoral College outcomes -- and sharing them with your friends.
My own personal prediction is that Obama will still pull off an easy victory. I'm curious to see yours. Create your own map and post the url in the comments!
*You will need an HTML5 compliant browser to use the interactive map.