From the way it looks, the Republicans, as expected will take the House but will fall short of the Senate. This actually might be a blessing in disguise for them. If they were to have taken both chambers, they still wouldn't have been able to accomplish much as President Obama still holds a veto pen. Going into 2012, the Democrats would be able to say that the Republicans had control of Congress but couldn't accomplish much. Since the lower house is in the hands of one party and the upper in the hands of another, the Republicans can say that they still can't do much since the Senate and the President are still stumbling blocks and can appeal to the public to remove them.
Still the Republicans have quite a rope to walk as they have to appear to their Tea Party backers that they are standing up to the President Obama and the rest of the Democrats. Yet they still can't go too hard against the other party as that can backfire on them if they can't move any meaningful legislation without at least a few Democrats coming on board and the President ultimately signing them.