The conventional wisdom is that the mainstream media (MSM) want Obama to win; I've no argument with that notion. On the other hand, they want the race to be seen as close so you will read what they write, listen to what they say. Here's why.
Let's suppose they were reporting that one candidate was far ahead of the other, what would people on both sides do? Those favoring that candidate would take the upcoming win for granted and not watch/read, while those favoring the other candidate would be turned off by the foredoomed process and neither watch nor read. The result: little interest in the MSM.
What generates viewers and readers is a close race, one where either candidate has some reasonable chance of winning. And that is exactly what is being predicted by most media, mainstream and otherwise.
My question is this: How much of the presidential race's closeness is real and how much is driven by the media's interest in stimulating readership/viewership? We'll know in early November.