Would Seating Michigan and Florida Change the Race?

Short answer? No. Here is MSNBC's First Read:

...on the delegate front, if Florida and Michigan were seated as is and Obama got the uncommitted delegates in Michigan, Clinton would net an additional 32 delegates from Florida and 18 from Michigan -- for a total net of 50. So add those numbers into the current pledged delegate count and Obama still would lead in the pledged delegate count by more than 100, approximately 110 in fact. So let's use 110 as the baseline. For Clinton to overtake him in the pledged delegate lead using THEIR math on Florida and Michigan, she'd need to win 75% of all remaining delegates. That's an impossible task. Most importantly, knowing the DNC Rules and Bylaws Committee the way we THINK we do, the likelihood of the committee NOT punishing Florida and Michigan in some way (say a cut in half of their delegates a la the Republicans) would then make this FL/MI exercise moot.

I made a less precise version of this point yesterday in a post about how shifting expectations affected the race.