Obama 332
Romney 206
52-47 Obama in the PV. Obama barely hangs onto Florida. Romney squeaks by in North Carolina. Obama loses some of his really big MOV in the Upper Midwest, and he's not hitting 60% in states like Delaware and Connecticut anymore, but it's still a fairly solid victory for the President.
Basically the economy sees a little bit of improvement, the Obama ground game gets the vote out, and Mitt Romney is generally just not a likable candidate. A lot of independents decide that things aren't really that bad and they are content with the current administration.