CNN has an on-screen countdown. 3:09 and counting down!
UPDATE: They plan to project the winner immediately. 22 seconds to go.
UPDATE 2: CNN projects "a strong victory for Barack Obama."
UPDATE 3: CNN shows Edwards and Clinton in a close fight for second, with Edwards getting more of the white vote than Clinton (39% to 36%).
UPDATE 4: There he is! Barack Obama! CNN has just told us that Caroline Kennedy endorses Obama and thinks he's like her father. And now we see Barack hand in hand with Michelle, who's wearing a Jackie Kennedy-invoking pink suit. "We are hungry for change, and we are ready to believe again." Chant: "We want change! We want change!" The huge banner in back of him says "CHANGE we can believe in." The lectern in front of him says "Change." People want to tell you that white people won't vote for the African-American, but "we are here tonight to tell you that is not the America we believe in."