At the moment, Obama is losing the popular vote.  However, Nate Silver makes an interesting point:

Some networks have called the Electoral College for Barack Obama, but it will take longer before the popular vote can officially be called.

That’s because the three Pacific Coast states — California, Oregon and Washington — conduct much of their voting by mail, yielding a lag of several days to a week before all ballots are counted.

Update:  as soon as I post this, Obama takes the lead in the pop vote count.