  We correct the observed Milky Way satellite luminosity function for
luminosity bias using published completeness limits for the Sloan Digital Sky
Survey DR5. Assuming that the spatial distribution of Milky Way satellites
tracks the subhalos found in the Via Lactea LCDM N-body simulation, we show
that there should be between ~300 and ~600 satellites within 400 kpc of the Sun
that are brighter than the faintest known dwarf galaxies, and that there may be
as many as ~ 1000, depending on assumptions. By taking into account
completeness limits, we show that the radial distribution of known Milky Way
dwarfs is consistent with our assumption that the full satellite population
tracks that of subhalos. These results alleviate the primary worries associated
with the so-called missing satellites problem in CDM. We show that future, deep
wide-field surveys such as SkyMapper, the Dark Energy Survey (DES), PanSTARRS,
and the Large Synoptic Survey Telescope (LSST) will deliver a complete census
of ultra-faint dwarf satellites out to the Milky Way virial radius, offer new
limits on the free-streaming scale of dark matter, and provide unprecedented
constraints on the low-luminosity threshold of galaxy formation.
