What would have happened? Bush would have been elected, but we may still have the independent council system, which is now dead. We'd also have another precedent saying the Prez is not above the law, a point that Clinton's (who did commit perjury and did obstruct justice) acquittal has reversed, Nixon be damned.
Speaking of tricky Dick, look at what happened after his resignation: The kooky liberals put Carter in office and talked of expanded jobs programs. Four years hence, Reagan began to finish what Carter had started.
The right is now in power, and the Democratic Party is solidly part of it. Thanks to Bill, they get to govern again without the sword of Watergate hanging over their heads.