Steve Clemons posts a letter from someone in the middle of it all, outlining four possible outcomes. In the final analysis, he thinks these are two most likely:
The Guardian Council's partial vote recount and investigation into electoral fraud are rejected by the opposition. Demonstrations spread and intensify, with ever greater numbers of Iranians taking to the streets calling for the resignation of Khamenei and Ahmadinejad. Security forces respond with increasing force, arresting thousands and closing down media coverage, texting networks, websites and Twitter. Purge of reformist leaders, intellectuals, students and journalists continues. Leaderless demos gradually peter out, leaving resentment. Ahmadinejad steps up anti-western rhetoric. Resumed protests at a later date considered highly likely.
A second revolution:
An insider cabal of senior clerical and establishment conservatives challenges Khamenei and forces his resignation after a vote in the Assembly of Experts. Former president Hashemi Rafsanjani is elected in his stead and orders an investigation into the actions of Ahmadinejad and other senior members of the regime. Hardliners rally round the president while reformists demand new elections. Amid growing instability, Iran's unique Islamic/secular system of governance appears in danger of collapse.