We still do not know the final tallies from all the election results this month, but certain things are clear:
1) The Tea Party is a real force in politics. A force for good or ill, even within the Republican Party, is still a matter of opinion. But only the most left wing of the liberals still view it as a few malcontents.
2) The Big Government, Big Spending, Obama/Left Wing agenda has been slapped in the face. Hard.
3) The Republican Establishment still is having trouble coming to grips with the advent of "Resurgent Conservativism".
4) It is way too early to call Obama a one term president. He can always do a Clinton or a Truman. Very Doubtful, but possible.
5) The Republican House is going to be calling some of the shots over the next two years, and has the power to emasculate the administration.
6) If the Republican Party had run a decent national campaign, and fielded some better candidates in Delaware and such, they would already have control of the Senate as well as winning 85-90 House seats. Alas, the tribulations of actual democracy! But the Dems are going to be very vulnerable - numberswise - in the Senate the next two election cycles.
7) The US Federal Government is broke, several of the bigger states are broke, and the economy is anemic or worse.

The USA has some unprecedented economic realities. The top 1% of Americans have more wealth than the bottom 80%. The world economy is far more interconnected than ever before. The USA spends twice as much, % wise, of its GDP on healthcare as the average First World nation, and under Obamacare the number is going to get worse, not better. The USA is not very competitive in manufacturing or resources extraction internationally because of labor costs and various institutional problems - unions, tax codes, beaurocrats and stifling regulations at all levels, anti-growth economic policies. The US energy polciy is more self-defeating than ever, it is one that institutionalizes a half trillion dollar a year drain on the economy. And now the Fed is trying to inflate the economy out of the doldrums, by devalueing the US dollar. These were peripheral issues in the recent election, where they were touched upon at all.
9) The last time the USA suffered from such a lack of respect internationally was during the Carter Administration. This was not a stated issue in the elections, but it did serve to undermine the power of Obama to help his minions in Congress who carried his water and then burned for it.
10) The greatest threat to international peace, and one that neither party will recognize, is the People's Republic of China. (Which is more National-Socialist than communist at this point) Neither party in America is willing to address the issue.