Senator Barack Obama (D-IL)/Senator Joe Biden (D-DE):498 EVs (62%)
Vice President Dick Cheney (R-WY)/Governor Sarah Palin (R-AK): 40 EVs (36%)
Others: 0 EVs (2%)
The closest states are Arkansas, Kentucky, Tennessee, West Virginia, Kansas, Nebraska, Alaska, North Dakota, South Dakota, Texas, and South Carolina. Barack Obama's coattails are also enough for the Democrats to win Senate races in Texas, South Carolina, Kentucky, Georgia, Maine, and the Mississippi Special election in addition to the Senate seats that they won IRL.
A stronger Democratic majority in the 111th Congress would have made a public option for healthcare, cap and trade, campaign finance reform, voting rights reform, immigration reform, and a strong federal public works program (akin to the New Deal) likely to be implemented. These types of legislation would have cemented Barack Obama's legacy as one of the greatest Presidents in US history (I already consider Obama to be the third-best President in US history) and an icon for progressivism and modern liberalism.