Annoyed, but not worried.
Well, the good news is that over the next two years, people are going to see what teabaggers in power are like. That should get Obama safely re-elected in ’12.
Anyway, midterms are always bad for the party holding the White House — the two exceptions being when Gingrich was stupid enough to make ’98 a referendum on Clinton, the other being in the immediate aftermath of 9/11. And looking at the numbers, the swings were not so monumental. Many of the districts that switched did so only barely, and can easily switch back. The swing may have been a mile wide, but it was only an inch deep. And Boehner coming out and demanding the total capitulation of the White House and the still-Democratic Senate to the GOP platform is a) extremely bad form and b) only compelling to the party core, not to the Independents they will need to remain in power.
So I’m not worrying overmuch, and I’m definitely looking forward to the GOP flameout. The teabaggers will crucify the main body of the party in the name of ideological purity, and will probably end up splitting the party in two over the next four to six years and driving them from power for the next ten, fifteen years thereafter.