Here's a link to Lost Remote which outlines what the big networks have in store for election night.
NBC and MSNBC plan to stage their coverage from a place called Democracy Plaza, a big celebration of the democratic process that is open for the public to go see in New York City. Should make for a more lively Election Night setting than that lousy studio they sat in the last few elections- that was way way too quiet. An election studio needs to be a place where lots of stuff is happening. Also, don't forget, this is Tom Brokaw's final Election Night as Anchor over at NBC, and Tim Russert is sure to haul out his white marking board again.
This could also be Dan Rather's last Election Night over at CBS, though he may end up going out in completely inglorious fashion, unlike Brokaw. (Peter Jennings looks like he may stick around for one more election, ABC News is rolling out the promotions touting Jennings' experience so they can clobber NBC when Brokaw leaves.) Rather is always fun to watch on election nights- his "Ratherisms" and offbeat comments usually pepper the political broadcasts. You know what I mean. Last election he referred to Bob Schieffer as Deputy Dawg on the air. Anyway I'm sure he'll be up to his old tricks again, and I understand CBS is going to have new election night graphics and stuff.
CNNFan has a special page devoted to what CNN is doing election night and you can check back on election night and watch complete coverage of the coverage.
As for me I plan to do a lot of election blogging of election day and election night, but it won't be continuous live-blogging. I'll give you the latest news when it breaks, and then I'll go back onto the web to watch streaming video and get the latest updates on results. We'll have links on election day to places where you can get live results.