Should Murdoch eventually come out in support of Obama, would this affect FNC's coverage of the race? (I don't actually know how much real power he has over it, i.e. whether he delegated all of it to Roger Ailes.)
I don't think it effects it at all. I doubt Murdoch directly changed their policies. If he has the #1 news network in the country, there's no reason to change it. Apparently, a study done by the Project for Excellence in Journalism found that FOXNEWS was the harshest on McCain of the big three cable networks, and covered the race the most fair of all of them.
I thought they haven't been number one since last year?