From Congress Daily (subscription required):

By a three-vote margin, the House Democratic Steering and Policy Committee today recommended that Oversight and Government Reform Chairman Henry Waxman be given the chairmanship of the Energy and Commerce Committee, but a final decision will most likely be made by the full Democratic Caucus Thursday. The Steering Committee voted 25-22 in favor of Waxman to replace Energy and Commerce Chairman John Dingell, according to lawmakers leaving the meeting.

This isn't over, as the entire House Democratic caucus will have the opportunity to have their say on the epic battle between the relative newcomer Henry Waxman, with just 34 years of service in the House, and John Dingell, with 53 years of service (following another 22 years of service by his eponymous father). And, at least from this vantage, it's not clear which of the two will have the edge in the full caucus, with Blue Dogs and those strongly supporting the seniority system (notably the Congressional Black Caucus) backing Dingell and more progressive forces backing Waxman. CQ Politics does note that the last time the steering panel upended a chairman or ranking member, the full caucus subsequently overturned the decision, but this one appears to be still up in the air.