I'm loath to use the word "victory", since voting Republican was more of a desperate blocking strategy rather than a vote for the GOP. But at least a predicted Republican House will make things more difficult for fans of socialism.
I'm disappointed that Stephen Bailey lost in CO Congressional District 2, but currently he's at 39% vs. Polis' 56%. That's an excellent showing for an Objectivist candidate, one who advocates full-on laissez-faire capitalism, and is running in the district that includes liberal Boulder! I think that may say as much about the changing demographics of the Boulder area as it does about Bailey. I'm very impressed.
I'm OK with Hickenlooper as governor; I think he will do a good job, is a good man, and is about as freedom-friendly as we can hope for in a Democratic governor in Colorado.
Overall, freedom in the U.S. may be getting a temporary stay of execution.
However, smart Republicans are rightly cautious. As Eric Cantor said:
If we blow it again, we will be in the wilderness for a very long time. We have to deliver.
The unfortunate thing is that government cannot deliver quick solutions to a recession, other than by something as drastic as a tax holiday for all for a year. I don't blame President Obama fully for the current state of the economy*, and I didn't expect him to fix it, especially since his people have no idea what prosperity requires. I don't expect House Republicans to fix it either, but at least they might be less harmful.
Politically, I predict the next two years will be marked by gridlock and blaming, because nothing significant will pass into law, except maybe some more "stimulus" pork, and the Republicans will slide a bit because they were not able to save the world in two years. The economy will slowly recover on its own, as long as nothing drastically negative is done. I predict it's going to be a close election in 2012, leaning towards Republican victory based on voter despair.
Update - On second thought, the inability of Republicans to pass significant legislation over the next 2 years, along with a gradual easing of the economic crisis, will probably aid Democrats more. Things may not be so bad for them in 2012.
*I think it's unrealistic to think a politician can turn around a serious recession in two years, although "stimulus" bills that simply create jobs cannot help, and actually serve to delay a real recovery. However, the recession was caused in large part by various government policies based on the affordable housing ideal, and Obama is a fervent supporter of those policies. Therefore, his ideas were the cause of the recession.