Sqod method is incorrect because he has based his method on numbers which the OP Bittrsweet gave him.
No, my method is a general *formula*. The numbers you plug in are up to you. The formula (method) should work for all numbers in a sensible range, which is why I said it was nicely generalizable. If not, *then* you can correctly claim that the method itself is faulty.
On the other hand, I'll have to think about the other objections above about using the max or min of the two supplied values. It's true that if one of your numbers already took into account the other attribute, then you would use only one of those two values. I don't think that specific objection holds here, though, since your skill level is averaged over all games with both White and Black. If two-part ratings existed, where one were your rating with the White pieces, and one were your rating with the Black pieces, then it would be a different story: you'd want to use the rating for the color in question in order to get a (slightly) more accurate answer.
P.S.---
Admittedly my formula was implied rather than given directly. In general the formula would be... (I hope I can write this without typos or logic errors!)
E(new) = E(old) * PRODUCT of all r[i]
where:
E(new) = the expected value with new conditions
E(old) = the expected value without any special conditions
p[i] = <the altering percentage from condition #i that changes the outcome>
r[i] = p[i]/E(old)
Can I point out: Sqod's answer is the same as mine. The method is also (I believe from a quick check) equivalent.
Notably it also falls foul of bittersweet's objection that a 2000 ELO rating playing 1490 with win % of 95% would have 104.5% win chance as white, since 95% = x * 50% => x=1.9, 1.9*1.1*0.5 = 1.045
The answer to this bittersweet is that the 55% chance of winning as white that you gave is only applicable between similarly rated players (you can argue whether the true value is 53% or 54% - the method's the same). Let's take it to the extreme - a perfect chess player vs. a complete novice, then white wins 50% of the time, so as the rating difference increases, white's winning percentage decreases to the limit at 50%.