"Will traffic approach record levels? "?
Most likely!
Speaking from experience when we ran demconvention.com over the very busy Democratic National Convention week, traffic went from effectively nothing to massive spikes in hours.
All in all the website got 2.6 billion hits, 3.2 million visitors, 350,000 hours of video watched... in the four day/96 hour period of the convention!
This was about double the website traffic that the Republican convention (gopconvention2008.com) got.
It will be interesting to learn what sort of infrastructure and platforms are used to support the major election coverage news websites. DemConvention.com ran on just a few servers running the LAMP (Redhat) stack with the PHP5-based SilverStripe open source CMS...
I came, I saw, I deleted all your files.