It was the only time a party got kicked out of White House after just one term in the last 100+ years.
And 1988 is the only time in my mother's lifetime that a party kept the White House for more than two terms.
So it does seem that 1980 and 1988 can be considered two elections the Democrats should have won. Instead, Republicans won 425+ electoral votes both times.
It was during the Republican realignment. Now we're under the Democratic realignment. These surges last for some 30 year, then another one starts, usually. The 1980 was the peak of the Republican era. The peak of the Democratic era is just around the corner I believe. Probably 2016 or 2020 will be that year, just like 1984 was the one for Republicans.