I'll start off with Juan Cole's views as he's normally quite sharp:
http://www.juancole.com/
http://www.juancole.com/
So pretty good really.In my view the real significance of the Democratic victory is four-fold.
First, it demonstrates once again that the American public simply will not put up with a return to the age of colonialism and does not want to occupy Asian countries militarily. Do you think that Abu Ghraib and American torture-pornography, the daily grind of violence, the stupid mistakes, have passed them by so that they didn't notice? They might swallow all this reluctantly but they want light at the end of the tunnel. There is not any in Iraq, as these pictures strongly suggest. They want it over with. It isn't.
Second, he is not going to be able to put any more Scalia types on the Federal benches or the Supreme Court.
Third, A Bush administration war on Iran now seems highly unlikely. A major initiative of that sort would need funding, and I don't think Congress will grant it. The Democrats don't want an Iran with a nuclear weapon any more than the Republicans do. But they are more likely to recognize that there is no good evidence that Iran even has a nuclear weapons program, and have been chastened by Iraq enough to distrust purely military solutions to such crises.
Fourth, there will now finally be accountability. It is obvious to me that the Bush administration has been engaged in large-scale crimes and corruption, and has gotten away with it because the Republican heads of the relevant committees have refused to investigate these crimes. Democratic committee heads with subpoena power will finally be able to force the Pentagon and other institutions to fork over the smoking gun documents, and then will be in a position to prosecute.
What we can say is that the electoral outcome is a bellwether for the future of American involvement in Iraq. It will now gradually come to an end, barring a dramatic disaster, such as a guerrilla push to deprive our troops of fuel and then to surround and besiege them. More likely, the steady grind of bad news and further senseless death will force Bush's successor, whoever it, is, to get out of that country. One cannot imagine us staying in Afghanistan for the long haul, either. Bush's question in 2003 was, can we go back to the early 20th century and have a sort of Philippines-like colony with a major military investment? The answer is, "no." Iraqis are too politically and socially mobilized to be easily dominated in the way the old empires dominated isolated, illiterate peasants.