We correct the observed Milky Way satellite luminosity function for luminosity bias and anisotropy 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 LambdaCDM 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 like 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.