Ugh. It's late for me and my brain isn't engaged fully and I shouldn't be commenting at this time. I read enough to know I should read Millennial Makeover but got from your questions to the authors that they believe the next realignment is civic and more likely to occur in 2012 or later and it might get real ugly (as we already know it's going to economically and hopefully not more catastrophic events on top). With this election cycle and the realignment estimate to be 4 years or more out it pretty much brings up the question of who emerges in 2012....the democrats or a changed, more adapted GOP.
I agree with the comments upthread that the next president will be blamed for everything and the victors will be the opposing party in 2012, which is pretty much how I felt before. The damage is great, the situation dire and the people are likely only going to feel it much more over the next 4 years. Not sure how much I will agree with the concept in the book but if 1968 was the idealist realignment it certainly took the direction of those 'idealists' and handed them to the changed GOP and not the direction we were expecting or going for. I can't wait for Part II or III and hope for a 'happy ending' but I haven't seen one coming anytime soon. Paint me cynical and sleep deprived.