Gordon Smith conceded to his Democrat challenger Jeff Merkley early this morning.
Approximately 40,000 votes remain to be counted (Oregon is vote-by-mail). Smith trailed through most counts on Tuesday, but caught and narrowly passed Merkley late Tuesday night. Vote counts from Multnomah (Portland) and Lane (Eugene) counties then put Merkley over the top.
That leaves the current Senate count 57-D (counting Lieberman and Sanders) to 41-R (counting Stevens), with two races (MN recount, GA runoff) yet to be decided.