Maxwelleigh, I think nobody can tell for sure what will happen. People on Kenya forum here are active, so just keep an eye on the discussions. There are some threads already on elections - have a look.
Based on the elections of December 2007 there were clashes but fairly localised to certain locations. The media painted slightly different picture. We stayed at the coast throughout the elections and afterwards, we were open, nobody left. At the coasts tourist areas & resorts were not affected although some supply chains were somewhat interrupted which affected hotels internally, I don't think there were many serious issues for the guests though as a result.
We all are hoping for more peaceful elections this year but no one can tell for sure. Elections are on the 4th of March (first round), it is 10 days before your arrival. There was a thread here regarding travel insurances - I will try to find and if I do I will post here. Yankari - Richard Trillo - was quite detailed on this one I think. You can always wait and see? If you are spending 2 weeks at the coast and the elections and a couple of days after are fine, it should be fine - this is a personal opinion.
As for us personally, as I said above: we live here at the coast and at this moment neither we nor our friends have been making any alternative plans. We keep our fingers crossed of course :) Once again, this is our home and it is my personal view :)