Chris Bowers of MYDD summarized it best:
Here is where we stand right now:
* National Sweep. Democrats take the national majority in the House, Senate, Governors, and State Legislatures. The only thing Republicans have left--Bush--still sports a sub-40% approval rating.
* We won bigger than they ever did. Democrats look set to take the House, and with a larger majority than Republicans ever had during their 1994-2006 "revolution." We also won more Senate campaigns in a single cycle, 23-24, than either party has won since at least 1980.
* Republicans shut out: No House, Senate, or Governor pickups for Republicans. That breaks every record for futility. No one can ever do worse than they did this year.
* Geographic shift. This is the first time in 54 years that the party without a southern majority now has the House majority. Power flows to coasts. Tom Schaller utterly vindicated.
Closing polls tightened the House of Representatives race a bit, no doubt reflecting some efficacy on the part of all the dirty tricks of Rove and company, but significantly, only the campaign in Tennessee with its racist tv ad worked in the Senate races.
Update: If you want to see the original "Morning in America" commercial, you can find it here.