The latest BBC election exit polls show Labour's majority dropping sharply from 160 seats to 66 seats.

Labour 37%
Conservatives 33%
Liberal Dems 22%

If those numbers hold or diminish the Labour majority even further, there may be pressure on Tony Blair in the weeks and months ahead to turn over control of the government to another Labour MP like Gordon Brown.

CSPAN-2 is picking up BBC One's coverage tonight if you want to tune in and watch the returns.
UPDATE: There's good blow by blow coverage of the returns over at the Guardian.