I think he may skate by in 2008, but he is one of those Democratic Congressman that is probably secretly hoping McCain wins so 2010 wont be a bad midterm year where he would likely lose.
The problem with this is that whomever assumes the Presidency in January 2009 will be "fortunate" enough to inherit a terrible, 1982-esque economic situation that will likely be either resolved or in the process of being resolved by November 2010.
I don't think there's going to be a whole heck of a lot of benefit to being the party opposing the president in 2010. It may be more of a neutral 1990-esque environment.