I don't think he will switch, but my understanding of the organization rules for this Senate is that there is no door open for a party-switching Lieberman to really affect the situation there. I'd like a reporter to confirm this (hey, maybe Klein himself!), but from what I understand the committee composition (and leadership) and staff would all remain the same, though in theory there could be a new majority leader.
In early 2001 the Dems had the power to force through rules anticipating a potential party switch and demanding equal committee representation because they retained majority control of the Senate until Darth Cheney took office. No such thing was put in place this time, as far as I know.
If all this is true, then there's really no benefit to either Lieberman or the Republicans for him to switch parties, and with the Senate election calendar generally favoring Democrats in '08 he'd likely just be dooming himself to the minority long term.
...oops, Josh has link problems. Top item right now.