Rod Dreher sums it up:
This election represents not an affirmative embrace of neoliberalism but rather a repudiation of the Republican Party and a certain kind of conservatism. It’s important for the left to recognize this in order to avoid the temptation to overreach in the heady Democratic days to come. One-party government didn’t work out so well for the Republicans during the Bush years — and going further back, Bill Clinton’s misreading of the meaning of his 1992 victory caused him to make several key political errors that Democrats paid dearly for in the 1994 midterm election. To be sure, Obama has an opening now to move the country to the left, but it’s not clear that that’s where we want to go.
That said, the Obama Democrats’ greatest ally will almost certainly be the addled Republican Party, which will be wandering around for some time like a google-eyed Wile E. Coyote after he’s had an anvil dropped on his head. The recriminations on the right will make the Night of the Long Knives look like a knitting-needle ticklefest.
The civil war among conservatives will be between an enraged rump of die-hard knotheads and a disparate group of reformers. The knotheads believe that Obama’s victory came thanks to the treason of some conservative intellectual elites and McCain’s failure to be more like Reagan, whatever that means 20 years after the Gipper left the White House. Sarah Palin is the standard-bearer for the talk-radio faction within knotheadism, and Mitt Romney will emerge as the GOP establishment’s last stand.