http://www.socastee.com/understand_undecided.html(note: text very small, at least via my browser)
"In races involving incumbents, most "undecided" voters usually break strongly in favor of the challenger. This is because most incumbents begin the election campaign with nearly universal name recognition, while challengers lag behind primarily because voters simply don't know who they are or what they stand for. Additionally, if a high negative rating is present, that is a clear sign that the incumbent has limited upward mobility. Therefore, the "undecided" column is generally comprised of voters who have reservations about the incumbent, but don't have enough information about the challenger to comfortably commit their support. An incumbent who is running under 50% is always vulnerable, even if he holds a 12-point lead."
"There are a few exceptions to this rule, most notably presidential elections. Point-spreads in presidential races tend to hold up better. This is because the challenger usually achieves universal name recognition early in the campaign, and voters form their opinions of the candidates at a relatively early stage of the race. Support tends to "lock-in" more quickly, and late voter shifts are far less likely to occur. This pattern is also true when two high profile politicians square off, such as when a sitting governor decides to challenge an incumbent U.S. Senator. Point-spreads are more relevant because both candidates enter the race with similar name recognition."
I continue to estimate 62-63% undecideds for Kerry, below the normal tendency of races involving an incumbent. I'll revise upward only if Bush's approval rating dives toward 40%. It should be noted Bush's approval rating among undecideds is much lower than among all voters. He has a 68-25 disapproval mark among undecideds, according to Charlie Cook in August. Regarding the economy alone, it was 69-24 disapproval according to Cook.
Given the name recognition realities of how undecideds break, we will also not get the standard cut in the key Knowles/Murkowski senate race in Alaska. Knowles was a two term Democratic governor and no doubt has more statewide name recognition and familiarity than Lisa Murkowski. Knowles' tiny lead is tenuous at best.