I thought I heard one talking head last night say that they weren't going to rely on projections this year, but wait until they had actual numbers.
Apparently they changed their minds.
One of the many things that happened in 2000 was reliance on exit polling to determine a winner.
It worked so successfully in the 1992 election (George I vs. Clinton), that the outcome was known by 5 PM EST. (long before polls closed anywhere in the US)
What is muddying the waters in part now is the increase in advance voting. You cannot exit poll someone who votes by mail.
Here is Kansas the Attorney General race has not yet been decided. They are going to take a close look at the 10,000 "provisional ballots" to attempt to find a winner. (Provisional ballots are ones where eligibility is not clear-cut: a change of address or name, etc. My guess is that if the numbers were such that those ballots wouldn't change the outcome, they would have been discarded. However, we are looking at a mini-Florida)
Yes, it is ratings all the way. Remember, Nov is sweeps month. If you had any doubt, take a look at the asinine promotions your local news shows are running.