The FLORIDA vote is close enough to, by law, require a recount.
Whoever wins Florida wins the Presidency.

Updated FLORIDA numbers:
Bush 2,909,136
Gore 2,907,351
margin: 1,785 votes in Bush's favor

It is most likely that Bush WILL- once the recount is completed- win FLORIDA (Bush's margin in that state increased during the early morning hours 8 November).

The overseas absentee ballots tend to favor the GOP [most of these would be cast by military personnel who traditionally favor Republicans]. Under FL law, there still has to be an automatic recount process... if the margin narrows as a result of the recount, however, the Gore campaign would then have to make a tactical decision as to whether to challenge the election in Florida on any grounds uncovered during the recount.

So, it is likely Bush will win FL and, with it, become President-elect but nothing can be called until the recount is completed (current estimate is late Thursday 9 November).

Popular vote: Gore: 48,703,291 - Bush: 48,436,891