I should know more about the current politics of the country that gives me most of my bloodline, but I don't. I do know that Schroeder gambled by calling for quick elections, given that he was well behind in polls at the time. But his efforts at campaigning appear to have brought him even with his opponent, former East Germany technocrat Angela Merkel. On the eve of the election, it's estimated that as many as a quarter of the electorate is undecided--so this could definitely go either way.
Since I'm not personally fluent on the subject, I turned to the country that seems to love German-watching: the British. They'd never pretend to care about the French, the Italians and Spanish are too remote and swarthy, the Belgians are too much like the French, and why care about the Dutch when the Germans are the original? No, I think deep down the British consider the Germans overbearing type A versions of themselves.
My transnational pop psychology notwithstanding, the British press are covering one of the world's more key elections with far more energy than the Americans can muster. The Independent has a quite nice contrast of the two candidates, and the Times grumbles that it won't matter who wins because Germans will still be too constricted by dumb regulations to succeed.
What's the US political take? If you trust ABC, you get what you'd expect the CW would be: more conservative governance + defeat of disputnik Schroeder = win-win for Bushco. But the authors caution that a shift in attitude may not necessarily bring a shift in policy or assistance at the global diplomacy level. (Merkel rules out troops to Iraq, for instance).
To get info from as close to the horse's mouth as possible, the embassy has their own elections page--very helpful. The elections officer will attempt to produce partial results by about 10AM tomorrow, West Coast time.