Fellow blogger Jim noted the trend earlier, and Sound Politics has a great analysis of what's going on, but despite the election night results it looks like the Simple Majority just might pass. Narrative from the Seattle Times here. See also Horse's Ass and The Other Side (a personal favorite!) for more commentary.
The engine driving this is King County; they've got a better than 58% approval rate. As I write this (9:45 a.m. on Veteran's Day) 4204 trails by about 2700 votes with 178,000 left to count, 58,000 of which are in King. The returns in Spokane County have also been trending towards positive, going from 53%/47% against on Tuesday to a near tie right now.
It's been a startling comeback from 60,000 votes down on election eve.