Some quick thoughts:

The Tenn. race offered proof that sadly sleaze still works.

South Dakota's ballot measure that reversed the enacted abortion law offered proof that populism works.

With Dems now holding a majority of the governorships, they gain the upper hand for the most fruitful breeding ground for future presidential candidates.

The exit polls showed the Democrats (vs. 2004) gained voters across all incomes ranges, proving tax cuts were not enough to bribe the rich.

Lincoln Chafee lost; despite being a reasonable moderate, this election was about rejecting all things "R" in an effort to change control.

Get ready to see the GOP slime machine do to Nancy Pelosi what they did to Bill Clinton for eight years.

As I've mentioned here a few times in past weeks, the independents made the difference yesterday.

Another very good outcome from the election: ended presidential aspirations for many far-right GOP contenders (Frist, Allen, ...Lieberman), as well as any remaining motives for John Kerry (good guy, good senator, honorable soldier -- but it's over).