Brad Delong argues that Silver has things mostly right, and that Wang et al are underestimating the chances of an upset:
Silver's individual state-level effects appear to be much more correlated than Wong's--Silver believes that if something is leading pollsters to overstate Obama's true strength in Florida his true strength in Ohio is probably overstated as well, while Wong appears to believe that state-level variation is much closer to being independent.Similarly, if there were to be a sudden 1.5% shift in public opinion, that shift would be visible in all swing states roughly equally. So the Silver model as built in a 20-25% chance that the situation will change, or that the polling is a little off, or something else will shift the electorate (I, for one, greatly fear the return of the Bradley Effect now that white people have already voted for a black President once).
I haven't looked closely enough at Silver & Wang's computations to figure out how they're producing such different results. But there may be another possibility -- Silver's model may think Barack Obama's worst enemy may simply be time. If we find that between now and Tuesday morning, Silver's model rapidly converges on Wang's, then that suggests that 538 model gives much higher probability to the chance that public opinion will shift. It's possible that this convergence is already happening. In Silver's model, Obama has climbed from a 68% win a week ago probability to 77% today. However, the President's poll numbers have improved modestly in that time span as well, and it's basically impossible to separate those two factors without having direct access to his simulations. Still, keep an eye on this to see how close the odds are on Election Day.