I paid as little attention as possible to the election returns, and then to avoid going to bed early tuned in to my community radio station at around 11:30. They were hooked up to Pacifica's postmortems, which featured Laura Flanders, Michael Moore, and some other folks I couldn't identify by voice. Looks like the Democrats got what they wanted: we've gone from a Congress controlled by Republicans to a Congress controlled by Republicans.
Moore and some others argued that there's no love lost between the Teabaggers and the Old Republicans, which is certainly true. Moore predicted a civil war in Congress between the two factions, which if true will be fun to watch. Someone else pointed out that the Tea Party hadn't done all that well, with only about 50% of their candidates winning. In Pennsylvania they all lost. On the other side, 50% of the Blue Dog Democrats lost their Congressional seats.
And despite their protestations, the Teabaggers I've dealt with aren't interested in "small government." Republican candidates (not Tea Party as far as I know) took the House and Senate seats where I live, but that's nothing new: it was a real surprise, but only a blip when Obama took Indiana's electoral votes in 2008. This is Klan country, so not much has changed.