Sean Trende has a great analysis. While I would love to see a more generalized anti-incumbent tenor in the election, we probably won't see that. What the election is like to turn out to be is more anti-Democrat than anything else.
That does not bode well for the country in general, because the GOP will think the election is an endorsement of their ideas and there are not enough small government Republicans on the Hill for my tastes. So instead of big government Democrats, we may end up with a Congress of big government Republicans. That is just as bad in many respects.
What I would love to see right now is a Congress populated with guys like Governor Chris Christie of New Jersey--a man who apparently could give a toss if he gets re-elected and is committed to slashing the budget. But we probably won't get that either.