The EPP-ED and ALDE have a maximum projected 353 seats. Add a few from the 'other' parties (like, say, that party the tories are cooking up) and you quickly have a working majority.
So a 'centre-right' victory would seem to be the logical conclusion.
[To] Graham [Watson, ALDE Chairman], if there is indeed a majority with the EPP, you should press to become the president of the EP. :-)