Two days after Senator Specter took to the Senate Floor to announce his opposition to EFCA, the best post I have seen on what exactly this means is from Campaign Diaries, Specter announces opposition to EFCA.
Among the possibilities, some sort of compromise with four Republicans being eyed as potential votes for cloture: Lisa Murkowski (Alaska); Olympia Snowe and Susan Collins (Maine) and George Voinovich (Ohio). Voinovich is not running for re-election. And of course, Specter did leave the door open to change his mind, perhaps after the Republican primary in the Spring of 2010.
Another possibility is for Labor to see if the Democrats can finally broach the 60 seat barrier in 2010 which could result in a non-watered down version.
My guess, there is still likely to be a strong run at some sort of compromise in the current Congress. (Of course I also picked Wake Forest for the Final Four in at least one of my brackets!)