Scenario 1: Dems become more Libertarian, GOP becomes more Populist (Obama probably wins in 2012 and balances the budget)
Basically the GOP locks in its Ohio Valley/Rust Belt gains and the Dems lock in their Southern and Western gains.
Scenario 2: Dems become more Populist, GOP becomes more Libertarian (Obama probably loses in 2012 and Dems rebuild by running against budget cuts)
A pretty radically different electoral map: The Northeast and the interior South would be the new swing regions. I'd favor Scenario 1.