Great article by Ezra Klein at The American Prospect summing up a lot of the symbolic effect of the Obama win. I think a lot of the positive long-term effect that the Obama campaign is going to have on American politics comes from this effect:

Barack Hussein Obama was, arguably, the country's most unlikely candidate for highest office. He embodied, or at least invoked, much of what America feared. His color recalled our racist past. His name was a reminder of our anxious present. His spiritual mentor displayed a streak of radical Afro-nationalism. He knew domestic terrorists and had lived in predominantly Muslim countries. There was hardly a specter lurking in the American subconscious that he did not call forth.

And that was his great strength. He robbed fear of its ability to work through quiet insinuation. He forced America to confront its own subconscious. Obama actually is black. His middle name actually is "Hussein." He actually does know William Ayers. He actually was married by Jeremiah Wright. He actually had lived in Indonesia. These were not smears, though they were often used as such. They were facts. And this election was fundamentally about what happened when fear collided with fact.

Ezra's blog, btw, has been a rock of relentless (and voluminous!) smartness this election cycle.