This pretty much sums it up

From today's Patriot Post digest:

The Democrats' large majorities no doubt mean America is in for at least two years of full-steam-ahead socialism. Priorities include raising taxes on everyone (not just the wealthy, despite their promises to the contrary), even more severe environmental regulations, a policy of defeat in Iraq and Afghanistan and reviving the so-called "Fairness Doctrine" to stifle conservative objections to any of the above.

On the other hand, Republicans were beaten because they deserved it. Eight years of spending and generally behaving like drunken Democrats convinced Americans to vote for the real thing instead of the imitation. It's safe to say that "compassionate conservatism" was an unmitigated disaster. If Republicans get back to their conservative roots, they will not wander in the political wilderness for another generation.