There’s a good chance it might happen. The AP has a story out this morning, “Citizenship backlog to affect voting in ’08”. Here’s a snip from the story:

The American Immigration Lawyers Assn., a private legal advocacy group, said it was told by agency officials that 3.5 million applications had come in over a two-month period. The agency projected a workload of 3.2 million applications for fiscal 2008 and 2009.
…

The onslaught of applications has led some files to be sent back with errors or mistakenly rejected, and others seem lost in the system, applicants and attorneys say. Service centers in Nebraska and Texas have the longest delays.