It looks more like a Pyrrhic victory to me. Surely, it is a no-confidence vote for the Republican party, but some of defeated measures seemed to have merits, especially those aiming to curb gerrymandering (which turns the US electoral process into a joke) and to regulate prescription drugs. Also, the anti-union and anti-abortion measures almost passed - whereas the anti-gerrymandering and prescription measures were soundly defeated.
So while it is good thing that Repugs got hosed, I see little reason for optimism - conservative outlook still prevails, people got merely pissed off with Bush's monumental blunders. I do not see the pendulum moving the other way - if fact it still moves to the right despite Bush's colossal blunders, which gives one little hope for the future.
Wojtek