At a UK sportsbook (
Bet 365), the democrats were recently 6/4 (+150) underdogs to win the 2004 election and the republicans were 1/2 (-200)
But in the past few weeks the odds for the democrats have improved to 5/4 (+125).
Personally, I think that as the situation in Iraq gets worse and as the economy starts to go down again, Bush's approval rating will get lower and he will lose in 2004.