Nate Silver crunches the numbers:

Long story short ... given optimistic assumptions (McCain wins 2/3 of white undecideds, 100 percent of third-party support collapses), the undecided vote is worth a net of about a point for McCain. Given what I'd consider to be more neutral assumptions, there's no particular reason to think that the undecided vote favors him.

Aw, go tell that to the real journalists at Fox News.

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