You can read John’s National Review Online assessment of national election implications here:

Another obvious fact is that Democrat enjoyed a remarkable set of
victories. However, liberal pundits and partisans are succumbing to
irrational exuberance by proclaiming the 2008 election cycle as a
fundamental realignment of American politics. When you look beyond the
presidential race, and in particular into the down-ballot contests, the
Democratic surge washed up against political levies of surprising
strength.